Now I think tonight I catched them in the act again. They are transitioning MSN spaces to their new Live home, and they still have some work to do.
Take a look at how a famous space (Ray Ozzie's) looks like right now:
Update: Around 40 minutes later, everything is comming together nicely. No more missing images or CSS. It is amazing how the new look captures the escense of the MSN space theme you choosed, but still looks ver LIVE like.