The Windows Live Hotmail Mobile beta released, as part of Windows Live Hotmail Wave 3 upgrade, runs side-to-side with the existing Hotmail Mobile. There hasn’t been any official announcement as yet, however to try it out visit http://m.mail.live.com on your mobile devices. 

New features included:

• New header and theme
• New collapsible Email message header
• Search box for fast email searching
• First page shows the Inbox straight away
• Emoticon support
• Views entire email message in one page
• Less images used for navigation, meaning less mobile download usage and saving cost
• No ads as of now