Live Mesh is on its way, but still is missing a few main things. A live mesh user needs to be able to create, modify and save documents online, without having to download and upload them first. Also, Live mesh needs to tie into home.live.com and my.live.com. There are others, but I will stop the list there.
This is still just a Tech Preview. The developers have done loads and there is still lots to come. Give it time and it will become an awesome program that everyone wont know how to live without.