It's not half bad... it's pretty fast. But some things are less integrated. For instance, if I Google "Double Door Chicago" (Double Door is a bar I went to for the first time last week), it comes up with the name and address and phone number, and I can see a map. All very nice. The MS Virtual Earth Map is not half bad, either.
But were it a Google map, I could transfer over to Maps and get a public transit routing from my current location, which I cannot do from Live.com...
(Also, PS, it would be nice if Safari had some kind of geotag providing feature, so that one could automatically have the search engine know your physical location if there were location specific search results).