The start page is a little crowded when you first look at it - two major panes, with latest phrases (or categories) on the left pushing out the latest news over on the right. Once you've done a search though results even themselves up neatly. Users can limit searches to a time period (hour, 12, 24 hours, week, month, anytime) in sentences or posts. Results can be filtered by relevance, date or cluster size, and RSS feeds are available.
So far, so good - I like the variety and it's well thought out. As far as the actual results go though it's not quite up to scratch yet - a search for "phil bradley" over at Google blogsearch resulted in almost 3,000 references while iterend gave me 17. A search for obama gave almost 8 million compared to 52,000 and credit crunch returned 385,000 over 1544 results. However, this is early days yet, and iterend is still getting to grips with indexing blogs. While there's not a great deal there yet this could be a useful engine in the longer term, and worth keeping an eye on.