Yesterday I attended a great session on advances in search technology held by the AiMA. This included presentations from Yahoo and Google/YouTube as well as a demonstration of Microsoft's new bing search engine.
The real insight from the event is a ramification of the push for search engine results featuring live content from sites, not just static listings. A representative of Autotrader.Com challenged the presenters about how this technology deprives his company of the revenue they generate via site visits. The answer was basically "The Times They Are a Changin'."
The latest BusinessWeek has a feature on the future of Google with all kinds of new developments in search.