Functionally it's disappointing. The context and use case-sensitive thing that is hinted at in the preview video seems almost entirely absent. The preview vid suggested that they will aggregate hotel information, flight information, etc, to create a grander unified experience - I have not seen any of this. Searching for hotels in a city doesn't give me anything except your traditional search results.
The categories are well thought out - but undifferentiated from Google's search term suggestions as it is.
Sadly, this launch seems a bit like the cuil launch - functionally incomplete, but in the web world you really only get one launch.