Prior to this, Windows Live has seemingly been a pasted-together site with Live search and other different services like email and the like. I wouldn't be surprised to see Microsoft give it a shot, but it'd have to be planned out to the tee.
Stuff is still being rolled out; it’s not all there yet. But you can find out a lot more about what’s coming out, as well as beta versions of the new applications, at www.windowslive.com/Home