Microsoft officially announced their new "search" excuse me "decision" engine called indeed Bing.
Microsoft defines Bing as specifically designed to build on the benefits of today’s search engines but begins to move beyond this experience with a new approach to user experience and intuitive tools to help customers make better decisions, focusing initially on four key vertical areas: making a purchase decision, planning a trip, researching a health condition or finding a local business.
The new Bing brand portfolio will also include the following changes to existing Microsoft programs:

Microsoft’s mapping platform, Virtual Earth, will now be branded as Bing Maps for Enterprise.

Technology from Microsoft’s April 2008 acquisition of Farecast is now a central part of Bing Travel.

Microsoft’s cashback program, now dubbed Bing cashback, with more than 850 merchants and more than 17 million products available, will be fully integrated into the Bing Shopping experience.

For what I saw so far Bing is not bad for the tasks Microsoft mentions above. It is not really trying to go directly against Google. Bing is actually more a problem for price comparison sites.

You can see some walk-through video of Bing and some more details on the Bing site. Bing launches officially next week on June 3rd. Bing is supposed to roll out gradualy over the coming days.