It' Bing!
Bing is a phonic sound to indicate you found the thing you were searching for. I think, by the term "Bing" Microsoft wants to tell that you can find the things that you are searching at Bing.com. Microsoft has evolved the search engines from Live.com to Bing.com. Bing has a very powerful and improved search engine. Even the indexing mechanism has been improved. Microsoft claims Bing to be a decision engine rather than just a search engine.
Lets see, how Stefan Weitz, a director on the Microsoft Search team, discusses the development of Bing around users’ needs, focusing on four key areas: speed, relevance, previews and multi-media.
You can find the press release of Bing here.
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