Digested everything in Part 1 already, wanna know more? Here's Part 2, about the Mesh Bar and Website sections!
The Mesh Bar
Attached to the right on the folders, both on Live Desktop and on your device, you find the Mesh Bar. It consists of 3 sections:
News
This part informs you of what has happened in that folder: which files were uploaded/updated/deleted and by who and members invited/joined/left. In the News section you can also post a message for those you share the folder with (or a reminder for yourself of course). To do that click the New post link, enter the message in the next screen and click OK
Clicking View all will take you to a new screen containing all activity in that folder. Clicking a member's name will bring you to this person's Live Mesh Profile, clicking on a file name will allow you to open/save (download) said file.