So, this isn't happening as quickly as I had hoped, but the Windows Live Wave 3 rollout has officially begun, albeit not with the Big Bang I had expected. No, none of the fun stuff is up yet. But if you have a Windows Live ID (formerly called Passport) account, you can check out the first new Wave 3 service today: Windows Live Account.
Here's what it looks like.
There's more coming of course. Presumably soon.
Update: It must be happening in real time. Windows Live People is up now too.