I haven't gotten mine yet, but managed to find an invite code. A lot of people were calling it Microsoft Twitter, but from what I have experienced so far, it's much more than that. You can update your status, but you can also have very localized (physical addressed based) news. Since I don't know anyone else that has it yet, I can't use the IM functions, so I don't know how that works. There is no W7 Jumplist functions available yet, but, with it still being very beta, I would expect that to change. I like it so far, and can't wait to see what it can really do once it is more out in the wild.