This is what he said in this blog post:
...But I get asked - why do search?
Simple - the idea that the current state-of-the-art in search is what we'll all be using, essentially unchanged, in 5 or 10 years, is absurd to me.
The web is big. Really, really big. It's literally billions and billions of pages. It's Carl Sagan big. And it's doubling in size every year or two.
So the idea that what you can see in positions 1-3 above the fold on Google are the sum of what the web has to say about every possible query is crazy...
The guys are still working like a usual start ups i.e. no big shot flashy offices or something like that. Even their site is fancying the above picture as of now. But soon the site will be active to compete against big shots like Google, Yahoo or MSFT's Live.Skrenta was the same guy who had written earlier about "PageRank (Google's bread & butter) wrecked the Web, and Google is going down with it".
So till 2009 when the very site will start functioning, we will be watching the space definitely along with other start-ups like Mahalo, Powerset etc. But going by his repute, it will be interesting to watch the "Search Space". So the million (oops Billion) dollar question is that "Will Google be challenged/outbeaten/unsettled by these new developing start-ups or not"?