The browser uses Microsoft Internet Explorer technology but, "packs on additional features such as tabbed browsing and advanced pop-up blocking." The desktop search app (see: Yes, AOL Desktop Search Uses Copernic!) will eventually index previously viewed web pages and AOL Instant Messenger chat transcripts. As far as I know, Google Desktop Search is presently the only major player offering these options.
For more details see: AOL Opens Browser, PC Search Beta.