Microsoft gives you the lowdown on the new version of Windows Live Essentials, you can check it out over here.
Windows Live Essentials includes Messenger, Mail, Photo Gallery, Movie Maker, Writer, Sync and Family Safety. Essentials is available for free and in many cases may already be installed on your PC with Windows. If not, you can get it from http://download.live.com.
In the upcoming release, we focused on achieving two important goals with Essentials:
1. Making everyday tasks simpler and enabling new possibilities on your PC
2. Connecting Windows 7 to the cloud