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.