I just read this on the Virtual Earth developer blog. There are some cool new dev features in this release: place/address lookups (geocoding), driving directions/routing and polylines, quick data-binding for GeoRSS, public Collection layers, and Built in pushpins and pop-ups. They have also created an Interactive SDK that you just have to see to appreciate. Windows Live Local has been updated to use the new control. I like the UI improvements. The Virtual Earth blog (not to be confused with the dev blog) talks about other new features as well.