I wouldn't write Cuil off just yet. What the do have is a functional, if not stellar, web scale search engine and a web scale crawler. They've also probably got enough money to keep the lights on for another 2-3 years (perhaps with some cuts) while they figure out where to steer that.
That's why I was somewhat surprised with this play. I don't connect the dots. If they'd spun into say, domain specific searches (a la Kayak, Indeed) or some sort of data mining for business (a la Rapleaf) that'd have clicked more with me.