Today, after logging into my MSN Hotmail account, I noticed a few changes to the interface and options provided in the Windows Live Mail Beta update:

1) First of all, you now have a choice between using the Windows Live Mail Beta interface with the drag and drop, right click, and the reading pane benefits or the old Hotmail interface
2) Some nice color schemes have been added. I think the
3) Shortcuts to Mail, Calendar, Contacts and Today screen have been added to the bottom left corner of your screen just as you would have it in Outlook 2003.
4) Direct access has been added on the main screen to turn on or off the reading pane or change the color theme.
5) A search box has been added right at the top next to the Windows Live mail logo. The the mail beta searches only the subject and addresses but the results are quite fast compared to the old Hotmail and other email providers.
6) When composing a new email, you can click on To to display all your contacts in the drop down below or just type a few letters of the first or last name of the contact and it will display the names found from the contacts below in real time.

Apart from these, there have been some internal bug fixes for email rendering and display.