As pointed out by LiveSide.net, Microsoft is no longer re-directing Live.com to their Bing search engine. Ever since Bing was launched, Live.com, the past address for Windows Live Search, has been taking users to Bing. However, Microsoft now feels that enough time has passed to use Live.com as the homepage for Windows Live Home.
Strangely, if you go to www.live.com, it takes you directly to your Windows Live sign in page. However, if you just type live.com, without the "www," you're taken to the Windows Live Home, as mentioned above. It's a little confusing, and could just be a redirect issue that hasn't been addressed or noticed yet.
LiveSide points out that this change is probably part of Microsoft's visual revamping that's expected to come with Wave 4. We've already seen a new Hotmail icon, new themes, and the new ribbon interface. With Wave 4, there are sure to be even more aesthetic changes as it nears launch.