Nachofoto, dubbed the world's first "Semantic Real Time Image Search Engine" (try and say that with a mouth full of corn chips) is finally out of beta. Strictly speaking, it's not the world's first semantic image search engine as Macroglossa is in development in Italy but nonetheless Nachofoto could win the crown. You can see a review of Nachofoto review which breaks down the ranking factors for Nachofoto.
Image search is nothing new, news stories breaking on Technorati and Twitter via cameraphone uploads over the last few years has led to a growing demand for real-time image search.
When a big news story breaks (think of death of Michael Jackson or Japan's recent earthquake) where can we turn to see fresh images? Google, Yahoo, and Bing may display a few, but the ranking factors that goes into traditional image search do not respect the time-relevance as a ranking variable. NachoFoto does.
Here are their four top classifications behind the average image search intent:
1) Static search queries (blue suede shoes, koala bear)
2) Dynamic keywords - same meaning with different images (NBA champions, US President)
3) Dynamic keywords - keywords that are completely rebranded (9/11, Galaxy)
4) New keywords - buzzwords, 'oprah effect', new brands and products (iPod, Search Engine Summit)
Nachofoto is unlikely to replace Google or Bing image search but they believe the semantic ranking factors they use will be a useful compliment to what is already out there. Aggregating photos on Twitpic, Yfrog and other mobile blogging communities could be a great niche for Nachofoto.