Update: I’ve been april-fooled. Yup, they got me.
I actually wrote a huge post on this offering on what I thought about this, but, for the what sixth time (?) I have been taught a lesson — save your posts as you write them! So unfortunately, I won’t be able to do that again, but hey, I know what I can do — point you to Danny Sullivan’s compilation of the things he has heard as of now (the official announcement’s tomorrow, so it’s still in a-true-rumor stage).
When the official announcement’s made, I may rewrite stuff from what I can remember before IE blew up. But as of now, all I can say is this is one of the biggest search engine news ever to happen! (or in other words, its one of the biggest mergers in the Internet industry.)