I just installed the latest tool from the Live division on my laptop: Windows Live Mail Desktop. I got 10 invitations at the moment so anyone interested of getting one, just leave a comment to this post.
At first glance I can quickly connect to my live mail/hotmail account and see the subscribed RSS feeds of my IE7 RSS platform being integrated. The look and feel, even on Windows XP, is that of Windows Vista. Nice to see that because my laptop won't be capable of displaying the Aero or Glass look in Windows Vista.
One thing I noticed is that i doesn't nicely integrate with my gmail account. Apparently it can't connect to the pop server of gmail. I hope to see this one fixed in the update of this version.