As the name suggests, Windows Live Local (the new name for MSN Virtual Earth) is now live. It has a fresh new look, mapping data for Europe (woohoo!), supports driving directions, custom pushpins and for a selection of US cities it has high quality "birds-eye" images. There have been some changes to the API in this version, full details of which are due to hit MSDN today.
Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.