As promised, there is an update to Live.com with a new look, easier on-the-fly customization, add multiple pages and so much more. Also, Live.com can constantly update search queries for the web, news, images and feeds on the main page. You can also change the view of the search results and add RSS feeds directly from the search results.
Personally I like the persistent search, although I’m having problems coming up with real life scenario where this would be helpful other than the news feed. It would be nice if the web, feeds and image search would be more random with the results.
The first-run experience is much better and more inviting than before. In case you already have Live.com setup, check out the OOBE screenshot [out of box experience].