Nikke - 1:27 am on Dec 1, 2004 (gmt 0)

The location of the server seems to be weighted in.

Compare your keywords between
beta.search.msn.com
beta.search.msn.co.uk
beta.search.msn.se

A server physically located in Sweden doesn't stand a chance on the first two (with a two-word English phrase), but ranks #2 for the same phrase on .se

For Swedish phrases servers located in Spain and UK ranks better on the UK site, while the server located in Sweden ranks well on .COM...

Also, I find quite a few tracker links (affiliate links routed via a click counter) in the serps. This is of course nice for well SEOed affiliate sites, but maybe not for merchants with aff programs.