So I'm not seeing it here, but Microsoft has announced Windows Live Wave 3:

Top Features in the New Windows Live Web Services

December 2, 2008

Today Microsoft Corp. delivered on its promise to help simplify the Web, rolling out a new generation of innovative Web services that help consumers stay in touch, share their experiences and keep their lives in sync. Now, with the latest generation of Windows Live, there is one place to chat via instant messaging (IM), send and receive e-mail, share photos and files, and keep in touch.

Starting today, consumers worldwide will be able to use the new Windows Live Web services to simplify their online experiences. More services and applications will be rolled out in the coming months. Additional information about today’s release is available at http://www.windowslive.com.

Below are just a few of the ways consumers can take advantage of the new design and streamlined look and feel of the latest version of Windows Live:

Windows Live Home. Wish there was one place where you could easily manage all parts of your digital life? Windows Live Home gives you a view into your friends’ networks and makes it easy to stay connected, across the range of services you use on the internet today. It’s the place to go to track updates to your contacts’ recent online activities across Windows Live and the Web.

Windows Live Profile. Quickly and easily broadcast key information about yourself from Windows Live and ultimately more than 50 partner sites to your Windows Live network. Anything that you do on Windows Live or on select third-party services is automatically reflected on your profile as well as throughout most other services in Windows Live — if you choose to share with your network. Invite your existing friends and contacts from your favorite third-party services, such as LinkedIn, to Windows Live so that they can stay in sync with your latest updates.

Windows Live Groups. Get your child’s soccer group organized with this new service that allows teams, clubs, extended families and others to easily collaborate online. Announce an upcoming game, upload and share the latest photos, or instantly chat with the whole gang.

Windows Live Photos. Simplify how you store and share all your memories on the Web. Quickly add photos, tag and comment on photos, see friends’ photo albums, and create expressive Silverlight slide shows. You can also upload photos directly to Windows Live Photos from most Web-enabled cell phones.

Windows Live SkyDrive. Have easy access to important files online when you’re on the go. Now with 25 GB of storage, up from 5 GB, Windows Live SkyDrive has plenty of room to store files, photos and other digital content that you can share with friends or keep to yourself.

Windows Live People. Tired of a having contacts here, there and everywhere? This central address book contains your Windows Live Hotmail contacts as well as everyone in your Windows Live network. You can also invite people from social networking services that you belong to, including Facebook and LinkedIn.

Add your activity from around the Web. Collaborations with leading web companies are now live. Update your Windows Live network on your latest activity around the Web by adding any of the following sites to your profile starting today. More sites will be added in the coming months.

  • Blogs: Twitter, WordPress
  • Reviews: Flixster, StumbleUpon, Yelp
  • Photos: Flickr, Photobucket
  • Social Network: Daum, TripIt
  • Music/Video: iLike, Pandora