Windows Live Favorites V1 was released last night out of Beta, with the following enhancements and features:

Expanded Market Support
Live Favorites is now available in 37 markets and 11 languages around the world.

Live Favorites Bookmarklet
Bookmark allows you to easily add websites to your Live Favorites account from with the click of a link!

Live Favorites Messenger Tab New Features

• Folder Support – See all of your favorites in folders!
• Favorite Count – See exactly how many favorites you have stored.
• Add Favorites – Add favorites directly from Messenger.

Live Favorites Web Site Enhancements

• Speed!  – Improved speed of the overall site.
• Browser Support –  Live Favorites fully supports IE6, IE7 and Firefox.
• Multi-Select – Select multiple favorites and delete or move them with a single click.  Simply hold down the Ctrl key and click on multiple items to select them.
• Favorites Status – See how many folders and favorites you have
• Easier Sharing – Share your favorites with a single click!
• UI Enhancements – Resize columns! Sort by any column! Improved graphics! List View! Favorites Preview!

Via: Windows Live Favourites Team Blog