By Thursday, Windows Live Search will have completely replaced MSN Search and will be the search engine used on both the Windows Live and MSN homepages. A summary of all it's new features is available at the Windows Live Search blog and more information is on it's product page.
Information about the latest release of Live.com can be found on it's blog and info about Live Local on their's.
Windows Live Mobile has also just released an update (although it doesn't appear to be out of beta yet) allowing you to view you Live.com page on your mobile device. More information courtesy of their blog.
Microsoft press release Windows Live Search and Live.com factsheet Windows Live Local factsheetTeam blogs:
Live.com Windows Live Search Windows Live Local Windows Live Mobile
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