While Bing is sure a swanky search option for Windows Phone 7, it has zero navigation properties as of v1.0. Rumor has it that it will be getting a significant bump with this feature sometime in 2011, but for now we don't have to much for navigation.

TeleMap is the first to launch a full search and navigation option for our new OS, though initially they will only have service maps in Singapore/Malaysia. In looking at their website though, TeleMaps does have maps in the U.S. including live traffic, so perhaps we'll see an offering from them soon. And if not them, we're sure the carriers and/or TomTom will be entering the market soon.

The software has the following features and looks to keep with minimalist look of Windows Phone 7:

• in-car turn-by-turn navigation with 3D moving maps, voice and text instructions announcing street names and Points of Interest such as gas stations and parking lots along the way, a dedicated pedestrian navigation, local search and content enhanced specifically for the Windows Phone 7
• Full Singapore and Malaysia maps
• Real-time traffic information
• Cell-ID function that enables you to check your location and plan a route even when indoors

Update: We're reminded by @mearsfan25 that the T-Mobile HD7 has TeleNav already on board, so TeleMap's claim is a little dubious. Though perhaps they mean "not carrier endorsed" or something.

Source: TeleMap Press Release