In the current version of the emulator it's taking me to bing's website. However, I think this is a major gripe noted by many beta testers and developers so we should see something more updated at release.
I'm hoping that the search button becomes contextual here as well as adding in the jump lists. However, with the default number of applications a jump list might become a burden. After almost every other item you'll have a new letter block taking up screen space. It might be best to configure it to only activate the jump lists if you have X applications installed on the phone.