Microsoft has released a new version of its Outlook Connector software for synching Windows Live email, contacts and calendars with its Outlook desktop mail client (2003 and 2007 versions are both supported). The main changes in this release are fixes to stop meetings getting their times shifted (yikes!), eliminate not handling calendars with more than 250 appointments properly, and not messing up MAPI connections used by other programs.
The product only left beta last December, so getting a patch this soon is pretty speedy in the Microsoft scheme of things. Existing users will be prompted to automatically install the update when they synch their accounts (though you'll need to restart Outlook once that happens). If all you want to do is access your Hotmail account via desktop software (or Gmail), bear in mind that you can now do so via the POP3 protocol (and without needing any extra software).