The Windows Live Favorites team has a post on their blog entitled Live Favorites - Beta No More! which states

We, the Live Favorites Team, are happy to announce that as of today Live Favorites is officially released as a V1 product... Beta No more!

 

A little while ago we put into production our final V1 service and web site.  Check it out:

Expanded Market Support

Live Favorites is now available in 37 markets and 11 languages around the world.  We're thrilled to be able to bring the service to so many people!

....

Live Favorites Messenger Tab New Features

We've got some great new features in our Messenger Tab:

• Folder Support - See all of your favorites in folders!  Click on the small Folder icon to switch between Top Favorites and Folder Views.
• Favorite Count - See exactly how many favorites you have stored.
• Add Favorites - You can now add favorites directly from Messenger. Click the down arrow next to "Manage" to manage your favorites, add a favorite, or refresh Messenger's list of favorites

...

Live Favorites Web Site Enhancements

Of course, your main place to access and manage your favorites is still our website at http://favorites.live.com.  We've added a lot of enhancements for this release, check 'em out:

• Speed!  - We've done a lot of work to greatly reduce rendering time on our site.
• Browser Support -  Live Favorites fully supports IE6, IE7 and Firefox.
• Multi-Select - You asked for it! Select multiple favorites and delete or move them with a single click.  Simply hold down the Ctrl key and click on multiple items to select them.
• Favorites Status - We now tell you exactly how many folders and favorites you have
• Easier Sharing - Share your favorites with a single click!  In the details view click "Private" on any favorite to share it, and vice versa!
• UI Enhancements - Resize columns!  Sort by any column!   Improved graphics! List View!  Favorites Preview!

Congrats to Irwin, Lucius, Brion and the rest of the Live Favorites gang for getting v1 of their service out the door