Windows Live Spaces is arriving soon! Not only will your Space adopt the cool new Windows Live look & feel, but you will also be able to add new and exciting functionality to your space. With the addition of the Friends Module, you can create a place to hang out with your friends.
The Friends Explorer, which will be integrated with and accessible through Windows Live Messenger, will enable you and your friends to explore others and create new friendships.
News Source: The Windows Live Spaces blog