Bing is up and working this morning. It's a "preview" (guess that's equivalent to the google "beta" moniker), and unfortunately doesn't seem to have a lot of the cool functionality turned on (the image filtering, relevance/trust filters, flight filters, etc). I'm not sure why, and frankly I'm a bit worried that this will be seen as just a re-skin of Live search and completely ignored. I have some feelers out to figure out why this is.
Update: Sounds like you have to change your location to the US to get the good stuff. It's at the top right under More -> Preferences and the Location. Sadly this doesn't work for me :(