Looks like we finally have heard some news on when @live.com e-mail addresses will be released. Jacky Mok, another Product Manager for Windows Live in Toronto, has posted some information saying when they will be released, he says will be available "in the fall", along with "a rich family of products" around the same time.
According to the blog entry on livechronicles.spaces.live.com, there will be no migration of address names from current hotmail addresses, so if you have email@example.com, there's no guarantee you will get firstname.lastname@example.org. It's still on a first come, first served basis like every other e-mail services. Apparently country code addresses will only be available in countries outside the US, so that a Canadian will be able to get an @live.ca address, but not an @live.com one.