It looks like it. The Flyertalk Search Updates Announcement hasn't been updated though.

I just did a couple of test searches. It seems:

1. No more ancient/future dates;
2. No more status 500 error;
3. "Search this Forum" is back from "global" to "local" forum;
4. Key word searches would work on both thread title and body. This one I am not positively sure. I didn't have many data points in mind to run my tests. Maybe some of our mods can test it more vigorously and see if this reported problem has been fixed.

I am guessing the default behavior is still thread-based, instead of post-based (i.e. the classic search). That would explain why the same thread pops up multiple time. Meaning if the search term matches X number of posts in one particular thread, the search result will pull up that thread X times (being thread-based).