So while researching for one of the client site, I come across with this MOST RELEVANT ADWORDS AD By Google. Take a look at that and rethink about Google insisting on Relevancy, relevancy, relevancy....
So Google has finally changed the Google Image Results Layout. Now its perfectly copying Microsoft Image results. Here is a screen shot of New Google Image Result UI.
Google has introduced some new feature like File Type And Color as well as searching the image from some specific website.