The NOODP tag tells the search engine not to use the Open Directory Project's title or description for your search listing. Google, Yahoo and MSN Search supported the tag. The tag was introduced back in 2006 after webmasters became upset that the search engines were using some of those titles.
In any event, the WebmasterWorld thread claims Bing is now using titles and descriptions from DMOZ (ODP) even though the NOODP tag is on the page. I don't have any test cases I can remember off the top of my head to validate this, so I am leaving this open.
Forum discussion at WebmasterWorld.