Just a day beore, Microsoft CEO, Steve Ballmer talked about Windows 8, at the Imagine Cup 2011 Finals event, Microsoft complied the latest Windows 8 Build 8042.0.110707-1940, according to the report, it is a "milestone 3 build and was compiled on July 7th."
Rumors were circulating the internet about a possible build being released at Microsoft's upcoming Worldwide Partner Conference on Monday July 11. Microsoft is working on having something ready in time for it's BUILD Developer conference (September 13th to 16th), and no word on a potential build being officially released any time soon. But never say never (not a Bieber reference, sorry).
It appears that some of the features are broken, but in reality, have yet to be updated with the rewritten code. That code will get added in on a Win Main build. Instead, work is being done to ensure the promised new UI is fully functional. In fact, bugs are being fixed at an exponential rate.
It also appears that Microsoft is working on a ton of new Live services and integrating them with Windows 8. Windows 8 and Windows Live are not synchronized in terms of development. Windows Live is currently in a Milestone 2 coding phase, with Milestone 1 bits currently being deployed into Windows 8. The company is simply leveraging the code base of Windows Live to make things work in Windows 8.