As part of Wave 3 update, Windows Live Hotmail announced to have “ever increasing storage” – according to the mailbox size at the end of each month. The current Hotmail mailbox size is 500GB, and this includes email accounts as part of Windows Live Admin Center, Office Live, and MSN Premium. Here’re two screenshots from:

First up, a screenshot from MSN Explorer, where you’re able to check your inbox folder sizes. Note, the right side on the footer (highlighted); it reads Max: 512000MB = 500GB.

Second screenshot is from Office Outlook Connector, where it shows you the size of your Hotmail mailbox as well. Another proof of 500GB here in the new Outlook 2010 Backstage view: