I noticed this the other day on a few blogs, including the Live Search blog. This may be cooler than sliced bread!
Now with your Windows Mobile device, after downloading & installing Live search for mobile, I can easily get directions from point A->B (by either entering an address, or by picking an address from my contact list), see a map of my area... a LIVE map, looks identical to the one you have on Local Live. You can search for restaurant's and other business, and even get traffic updates (if you live in one of the major metro cities in the US).
This sure would have come in handy last Friday night as John, Dave, Dennis, and Roy were on our way to the South Florida Code Camp. Armed without an address and only getting partial directions from the receptionist at the hotel while we wander around north Miami... we wasted a good 45 minutes just driving aimlessly (thankfully we were always going in the right direction). We reverted to pulling my laptop out with MapPoint 2006 on it to map out where we were and where we were going (can't believe it took that long!). If we had Live Search on my phone that night, we could have made it there easily!
Now... I need a SD GPS receiver for my Treo 700wx (I love this phone)... hmm... birthday is just around the corner (last day of the month)... should I add it to the list and potentially bump the Zune off it? Uh, no. :)