I think that it is a good service, especially for the price, but given the length of their beta period, I was expecting a more polished product.
Some of these issues aren't a problem with Live, per se, but they certainly call attention to its current shortcomings. I've found Mech Assault to be downright frustrating; multiplayer game balance SUCKS (not Live, but the result of a product rushed to market in time for Live), hosts unplug their network connections when they're losing, people drop out of the staging room seconds before games launch (is this Live or malicious players?) - team destruction is always a joy when its four against one (and you're the one) - and as far as I can tell, there isn't any way to select teammates/opponents that are approximately at your level of ability, which was one of M$'s highly-touted features for Live.
In other words, it's a typical MS version 1.0 product. God help us.
I do have faith that M$ will be most expeditious in improving Live, as they have their reputation, market dominance, and a hell of a lot of money at stake. Now let's all cross our fingers and hope for the best...
Oh, and WHERE ARE THE RPGs?

Sheesh...