Earlier today, the new Live.com (now featuring Flair/Vapor) went live. As mentioned last week, this upgrade mainly focuses on the new UI and first-run experience. Now it is much easier to get rolling with customized content right from the start.
You can now customize your different pages with uniquely colored Flair headers, to differentiate your types of content.
Microsoft Windows Live is a free service that allows you to personalize your start page content and search directly from it. It is still marked as Beta and currently has no ads or subscription offerings However, this will most likely change when it comes out of Beta.