I think its marveous that there is a new player on the block and Teoma seems to be approaching the competition (Google) in a very positive and dynamic way.
I have a few concerns about heavy spam (white text on white background and that sort of thing) in some of the top ranking SERPS and I found a link farm in one of their "authoritative" site listings, but I imagine that they will quickly have those sorted out.
I also noticed that two or more pages from the same site could be returned on page one and I don't think that is a good sign. I like the look and the options offered, but I found the search results to be a little slow in coming and the unecessary spaces between site listings are very disconcerting.
They obviously have a lot of tweeking and fine tuning to do ... but all in all, I think they have a great approach!
Some things appear to need some tweaking. I was searching for wine info from a world region. After clicking on the first set of refine results another one appeared for the CBC in Canada with nothing to do.