Windows Live for Windows Mobile has been launched featuring:

• Windows Live Messenger
• Windows Live Mail
• Live Search
• Windows Live Spaces

Basically everything you could need from Windows Live on your Windows Mobile device! SO what's the catch? Well currently the software is only available on pre-installed Windows Mobile 6 ROMs which means you'll need to buy a new Windows Mobile 6 device.

Quote Microsoft website:

A rich set of Windows Live services — including e-mail, IM, search and more — uniquely designed to work with Windows Mobile powered devices.

Connect and share when things happen – anyway you want.
Express yourself with e-mail, IM or even by adding photos to a blog – all from your Windows Mobile powered phone. Windows Live for Windows Mobile offers unique features, such as a single contact list with presence status, the ability to send instant messages with voice recordings, and more.

Quickly find the places and information you need. Search the Web and get results delivered to your phone in an easy-to-read format. Quickly find the places, people and local services you’re looking for, whether you’re near or far from your home or office.

Windows Live for Windows Mobile Availability
Windows Live for Windows Mobile is coming soon through a growing number of wireless providers in the U.S., Europe, and Asia. Contact your wireless provider to find out about the new Windows Mobile 6 devices that will give you the richest mobile connection to your Windows Live world.

Windows Live screenshots

[Source via the::unwired]