[update] Now it looks like Microsoft Max project is discontinued. But one good thing is that Microsoft have taken all the good inputs provided by the beta testers in to other Microsoft Live projects and in to the Microsoft .NET framework. Were they fearing any lawsuits from Google or Adobe types?!.
Microsoft Max Picture Manager Application is awesome.. Uses the WinFX RunTime Components. Will it oneday replace my Hello/Picasa applications?! :) 