Personally, I think we certainly do need more competition in this field. The features that Bing seems to bring to the table seems more like bling than actually useful features, but none the less, it might get Google to actually improve their service.
My main gripe today is that with any search engine you will find 2000000 hits, or none. Not often something in between. Why? Because first thing the search engine does after you feed it your query, is ignore most of the important parts and spew nonsense result at you as a result. So you add more words to limit the query, probably picking the other word for the same thing (ie not the one the author of the page you're looking for used) and so you miss the pages you want.
An example... put "Get(Set(go))" nicely quoted into Google, and it will happy mash it down to "get" "set" "go", ignoring everything that was important (caps and parenthesis) to make the query specific and useful.
Imagine something like "near" (within 20 words, maybe), "exact" that actually took into account caps and non-alphabetic characters, or dream of all dreams "regexp" to search with:
("X" near "Y") and (regexp "z+" near (exact "/." or "Slashdot")) and fuzzy "brauser setings" and synonym "save"
What if you could drop something like that into Google? You would actually be able to find what you needed! I'm not saying this should be a default search mode. Natural language parsing would be a nicer default one. But even the simplest thing like "search for this exact string (caps, strange characters and all)" isn't available today, even in advanced mode!
Now I know there are search engines out there that actually have/had parts of these features (like one which I found that could do regexp, but used it only to broaden the search, not limit it, making it useless). But I have yet to find one that actually works well. Feel free to point me at one if you know one.