Thanks to Darren Straight who found this post by Satoshi, and a new web site – discoverspaces.live.com. The annotated screenshot provides a few clues about the new version, in addition to a cleaner, Windows Live looking UI. Looks like you can comment and tag photos, initiate a Windows Live Messenger session from within Spaces, see Msgr online status, and have more control over the title position. Can't wait to see more.