Google Blogoscoped covers a recent Matt Cutt's video session where the question of searching only personal homepages is addressed.  We also recognized this need and crafted a macro for this purpose at Live Search.  Here's what it looks like:
    prefer:intitle:""'s""  (homepage | intitle:""home"" | intitle:""'s page"" | ""my favorite"" | ""my interests"" | inurl:""~"")"

The prefer operator is a unique one to MSN/Live Search.  It affects the ranking, but is not a requirement for a page to match.  Note also the extensive use of the inurl and intitle operators.  These are quite handy; at ACM CHI this year I demoed macros and was asked if I could create a search engine for canadian college history departments.  Thirty seconds later I had an amazed audience with " loc:CA prefer:(department | university | professor | research)"

Macros allow you to bundle up syntax like this and add them to your scope bar on  Learn more about the Live Search advanced syntax on our help page or the blog post announcing our last round of syntax additions.  Macros are only available on our beta at the moment, but this will be addressed very soon.