Windows Live Essentials 2011 (formerly Wave 4) has been RTW.(Released To the Web).
Download for free at this link: http://download.live.com
The 2011 suite includes a ton of new features including
- Facebook Chat integration within Messenger
- Bing Maps integration and improved geo-tagging support in Photo Gallery
- Upload video direct to Flickr
- Messenger video chat uses 30% fewer CPU resources by offloading work to the GPU
- Higher bit-rate movies in Movie Maker
- Better spell-checking and Office integration with Writer
- Improved Gmail support