Check it here. Apparently you need to be running IE to get it, but IE doesn’t need to be your default browser (thankfully!).
Number one neatest new feature? File sharing just got a LOT easier.
Sharing Folders are a new way for you to share personal photos and other stuff effortlessly. Just drag files onto a contact name to instantly create a Sharing Folder that you and your contact can both access, even if one of you is offline.
Not mentioned on the features page, but I just noticed we can send “offline messages” that the recipient will receive when they log in (like, oh say… ICQ, 10 years ago!). Has this always been there or is it new? Very useful little feature.
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May 9th, 2006 
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Offline msging is a new feature with WLM. Pretty neat feature but is rather buggy, that’s probably alright given the software is still in beta. Besides that the new IM client isn’t all that great. Voice and VDO feature suck as they did in MSN Messenger 7.5.