I created such a search engine myself, but instead of displaying the standard text results I displayed only the website favicons so as you scrolled down infinite favicons appear, click a favicon it takes you to the webpage.
I think nickporter hit the nail on the head about the first page of results being so important and as you mentioned the competition to be on Google's 1st page is good for Google financially. However, one complaint about my search engine was that since the results often repeated the same favicon users thought the results were subpar, never realizing the results were Google results all along. By limiting the results per page it is harder for people to see how often Google's search results repeat, which according to my feedback users associate with low quality results.