There's been a lot of speculation about vertical search engines. Some think that vertical search will be the Google killer, others think they're ultimately doomed to fail under the giant footprint of the big 3.
Nevertheless, innovation is at the heart of the industry and it's good to see another vertial oriented search engine enter the field. All The Code is geared towards coders. However, it has a little bit of competition in the highly niched and specialized area: Koders, Krugle and Google Code.
Search Engine Watch has a great article about the launch of All The Code -
They have sponsored links on the right hand side and on the footer, and I hope that's not their only monetization strategy, but for such a niche search engine, it might work. However, I'd imagine that most people using All The Code will be looking for coding help, any purchases of coding software or services would probably go to Google.
I hope they do well, and I think they are off to the right start. I look forward to seeing what they do and how they improve their engine.