Things are getting pretty exciting at the Microsoft end with the launching of Windows Live Wave 3 Beta.
LiveSide.net has all the details plus the URL links where you can download the applications mentioned in Kudo's post.
Most interesting is WLM9, which I've just downloaded and trying out. So far, I'm impressed. A long list of cool features, including redesigned interface, nice sounds and alerts, Online Folders (Shared Folders in WLM8.5), changing colors in your display pic rims to indicate your status, and lots more. Check this
link.
One caveat: Messenger Plus! won't work on this latest beta of WLM9, but I presume Patchou will have a new build up in the near future. I suspect that other third-party add-ons will not work with this beta. Also, custom emotes don't seem to display all the time in conversation windows, but this is a minor niggle (all the standard Messenger emotes are good).
I've got a feeling that we won't have to wait too long to see the final build of WLM9.