Instead of the meta data showing up under the image result, they appear when you hover over the image. When you click on a thumbnail (which are now larger), it brings you to the page where the image shows up over the original page it appears on. Test it out for yourself to see the new functionality.
Another update to Google Image Search is Search Ads on the results page. If you search for something, you might see sponsored search results, both image and text, above the images returned for your search. For example, a search for “jeans” shows ads for Wrangler and Levis’.
With over 1 billion page views per day on Google’s Image Search, chances are you’ll be seeing these changes on your screen soon.
By the way, if you want a really cool image search product, I’d recommend Cooliris. I use it as an extension on Chrome but you can check out their website to test it out. It’s a really cool visual way to browse images from Google Images, Bing, or even Flickr; the results show up on a scannable infinity wall. Check it out!