Will the Yahoo/Bing deal change the search landscape

It would appear that the long mooted Microsoft/Yahoo search deal has now been concluded according to a number of high profile publications such as TechCrunch and Search Cowboys. The official  press release goes as follows:
Microsoft, Yahoo! Change Search Landscape
Global Deal Creates Better Choice for Consumers and Advertisers
SUNNYVALE, CA and REDMOND, WA — 29 July, 2009 [...]