I received an email this evening detailing some of the new features of Windows Live Hotmail wave 3 in addition to features to expect from services such as Skydrive, Photos and social networking improvements to home.live.com.
Over the next few months, we’re rolling out enhancements to the rest of Windows Live. 
• Get 25 GB of free online storage for your files with Windows Live SkyDrive™.
• Easily create photo albums and slideshows with Windows Live Photos.
• Stay in touch with your network of friends via the "What’s New" feed. See who posted new photos or commented on a blog, find your favorite video, and see who’s currently online by viewing your home page at home.live.com.
I hope Windows Live Spaces is not de-emphasized as some have noted, but I look forward to these changes awesome changes coming in the pipeline. The storage capacity for Skydrive is rather surprising which shows that Microsoft is definitely serious about Web 2.0 and making your personal information available to you anytime, anywhere.
New Windows Live Features coming soon.
Teching It Easy 