Or perhaps it's more than that 🙂
I am most impressed by its simple, elegant interface. Configuring it to post this blog entry was a snap.
But great simplicity doesn't always mean sufficient functionality. From the looks of things, community-authored plug-ins are already filling in the gaps. In my case, I don't use FTP to upload the images that I link to my blog. But with a plugin like this one, which lets you work with images on Flickr, I'd be all set.
Lamentably, Windows Live Writer didn't work with Shared Folders on the build of Vista that I'm using (July CTP). But, exploring it here on XP, it looks to me like the team has hit the sweet spot, and I'm ready to change my blogging workflow. [Edited 17 Aug for readability]