Though much have been said about it, I do not think it does not have anything to give Google a tough competition. It is better than its earlier version but it is not as good and effective as Google.
It will not beat Google, but it has the potential to beat Yahoo.
It's very easy to use and it uses relevancy more than the other search engines have. If you do not high relevancy to the keyword, you will not rank well with Bing.
You should not compare Bing with Google. It will have to make massive change if it dares to compete with Google. You can try it as an viable alternative of Google and not as a substitute.