Google Instant launched today, and returns results as you type your search query.
Check it out:
http://www.pcworld.com/article/205041/google_instant_searches_the_web_before_you_type.html
How will this affect your web site's SEO?
Maybe the question is instead how will it affect web sites built with *bad* SEO.

More on Google Instant:
(I think he has some good points)
http://blog.positiontech.com/seo/seo-lives-on-despite-google-instant/

And who owns the alphabet? http://greatfinds.icrossing.com/n-is-for-netflix/