Microsoft has launched Windows Live Academic Search, a service designed to help students, researchers and other academics more easily find scholarly information. Microsoft has taken a completely different approach than what we've seen with Google Scholar, in content, user interface and in plans for monetization of the service. I've got more on the new service in today's SearchDay article, Microsoft Launches Windows Live Academic Search.
Postscript by Barry: Just wanted to add that Gary Price has a nice librarian view of this at ResourceShelf that is worth a quick review. And Microsoft's official release can be found here.
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