From the main page you can only input the search term, but on the Standard Search page you can choose to narrow down the search for results within the Forums, the item database or EVE Insider. Quite useful! Using the Advanced interface, you can improve your search criteria even further for even better results.
(See the standard view)
And as you can see in the middle of that page, the search is powered by a Google Search Appliance, which explains the speed of the results and their accuracy. This will be helpful to both experienced EVE players, and the new players constantly joining the galaxy.
Not that you could not before. Knowledgeable EVE players have been searching the forums for some time now using EVE Search, but there was never such a useful tool on the EVE site itself. Now there is.
The Search is over, or is only beginning?