MSN Live Search is definitely catching up. It has a pretty decent site index and cache, a nifty IP search tool (just type in ip:ip.address.here in the search box), and a nifty way of seeing your backlinks using linkdomain:site.com. (Anyone want to add some more to this budding flower?)
The most recent addition to live.com seems to be its linkfromdomain:site.com functionality. This feature allows users to see what kind of outbound links are on your site.
This is a great tool for webmasters and SEOs to get an idea of what your competitors are linking to. Furthermore, it’s a great tool to detect which sites have relevance to the same topic you may be working on.
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Tamar Weinberg is a social media enthusiast with a passion for all things tech and productivity. She provides consulting in internet marketing and is the Community and Marketing Manager at Mashable. Tamar is also the author of 
Social Media Consultant and Tech Geek at Heart