As we hinted at yesterday, today marks the update for most of the Windows Live services to Wave 3. This release (Codename Peloton for those keeping track), is expected to mainly take place from 4pm PST onwards, and will include the release of new services such as Windows Live Groups, Photos and Profile as well as the significantly updated Home and Mobile offerings. No this doesn't include the release of Windows Live Essentials, the desktop applications.

Note, Hotmail and Calendar are both on a different release schedule, and as such will remain at their Wave 3 Milestone 2 builds until a later update. So no WebMessenger integration just yet :(

Of course while you're waiting, you can read all about the updates in our previous posts, and Jamie Thomson also has a great Top 10 post of the new Wave 3 applications and services.

Once things start rolling out, let us know your thoughts in the comments!

UPDATE STATUS:

10.30am PST: Windows Live People is already out at http://people.live.com if you're on the Wave 3 Hotmail build - Check out our Windows Live People Review as this is one of the killer new part to Wave 3 (or will be when WebMessenger integration is included!)

Updates on the products launching later coming soon!

4pm PST: All the new services are available, so check them out + our reviews!

Windows Live Photos (http://photos.live.com) - Windows Live Wave 3: Photos 
Windows Live SkyDrive (http://skydrive.live.com) - Windows Live Wave 3: SkyDrive
Windows Live Groups (http://groups.live.com) - Windows Live update ships: After years of waiting, we create a Group :)
Windows Live Home (http://home.live.com) - Windows Live Wave 3: Homepage