My feeling at present is that:
a) it is a standard action if you are looking generally to see what is there (i.e. you will find secret doors, traps, etc.). This may be a broad examination of the area looking for a specific type of object (i.e. hidden opponents) or it may be an examination of a smaller area looking for anything of interest (traps, secret doors, etc.) (Note, this may even take longer than a standard action depending on how large an area you are examing).
b) it is a minor action if you are looking over there to see something very specific. E.g. you are trying to see a specific opponent that you last saw over by that bush.
In the first case, you notice anything in the relevant area that might require a perception check to be noticed. For example, to determine if anyone is hiding within your view would require a standard action. It takes longer because you are either examing a broad area or because you are looking for more than one possible thing in a narrow area.
In the second case, it is a quicker and more focused look at a specific place for specific information. As such, whether or not you find what you are looking for, you no chance (outside of passive perception checks) to notice anything else. If you are looking for the rogue you saw run behind the bush, you see her or don't. But regardless, you don't notice the rogue hiding in the tree or the trapdoor in front of her. If you want to be able to see either of those (aside from passively) you need to take that standard action.
Carl