Watched a good internal talk on OfficeLive tonight (thanks to Mark for the forward).  They talk about it coming to the UK towards the end of this year which will be good.  It seems to be well received by users so I am looking forward to it arriving on our shores.  There's a blog they've set up too and this post talks about their plans for the next release (v1.5) to upgrade to WSS v3 which would then allow SharePoint designer and Access 2007 to work against the OfficeLive hosted SharePoint environment.  That will be very interesting too.