Apparently not yet.  Even its creator, Jimmy Wales, describes its current state as “terrible”, and expects it to take another two years before his new search engine can produce results to rival Google.

Tech pundits have reacted with a rash of negative comments, emerging primarily as a backlash to the hype that surrounded Wikia Search’s launch.  Yet the project has a number of good points.  It’s open source, provides an alternative search tool independent from large corporations and could help fight web site spam.

I'm personally in favour, especially of the incorporation of a social networking element.  You can go see what all the fuss is about here.