Ok.. i'll bite... what's so spectacular about the Google logo?
The bing logo, on the other hand... the font is poorly chosen, IMHO the kerning is all wrong, it feels like something one would whip up in 10 minutes in Paint, not a professional logo. Furthermore, the choices of font gives me the feeling that they're trying to position this thing as hip and cool (hence the bistro comment), where the system is, as of yet, deserving of none such accolades.
For example, with the live id and being logged in, I think it would be neat if these background images eventually ended up being something relevant to me rather than something generic.
Right now, there is definitely room for improvement, but I wouldn't say it's downright bad.