I think what will happen is people will "google it on Bing". Just like they buy a new Zune iPod or blow their nose into Scott's kleenex.
Na, they are trying something different then being a fake Google. That's why they changed the name, they wanna build a brand (or at least reattempt to build a brand). At worst this will still respark interest in Live Search for a couple weeks. It's not a perticularly risky move, they have nothing to lose really, Live Search has been doing terrible. Hell if it disappeared tommorow Microsoft's profit margin would be soaring. So nothing to lose and everything to gain from doing things like this.