Yawn? Visit www.live.com, nice domain, and you will see a "Windows Live" logo and a search box. You do a search on anything and you get http://search.msn.com/results.aspx?FORM=LIVE&q=anything. FORM=LIVE, may be the only difference.
I found this by way of finding out a Microsoft presentation didn't go too well. Then saw Battelle's It's On entry with a link to a PC World entry that says;
Windows Live, is not Windows. Rather, it's "Internet based personal services to bring together your digital world." But Windows Live isn't MSN.com either. It sounds basically like a new Web portal.
I don't get it, posted at Search Engine Watch Forums & WebmasterWorld.
Update: I see, you need to run IE on Windows to see the portal. A portal with a search box, and news, my web, rss and so on.