The Window Live Messenger team has a blog post about the newest version of the Windows Live beta. My favorite new feature is described below

Live Contacts are Live! Click the button on the back of your contact card to enter in all your information (phone number, address, job, spouse , etc).

With your permission, friends can see your entered info on your contact card. Anytime you update it (new phone? new job? new wife? ) they'll see it.

Similarly, subscribe to get your friends' Live Contact information by clicking the backs of their contact cards.

Live Contacts is a rather cool feature that our team has been working on for a while. It will be integrated across a number of Windows Live properties and is already available in MSN Spaces.

PS: I have a dozen invites for the Windows Live Messenger beta. Send me an email at my work address if you want one.