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All About Microsoft posted a news story that Microsoft went public with more details on the Windows Live Wave 4 Essentials suite



Expected to be christened officially as Windows Live Essentials 2011, the latest suite includes both software and services components designed to complement Windows (and especially Windows 7).

When Microsoft launched its current version of Windows Live Essentials, the company didn’t position the suite as a head-to-head competitor with Apple’s iLife. Things are different this time around, with Microsoft touting the forthcoming Windows Live Essentials Suite as something that can meet — and, in some cases, beat — the $79 Apple iLife suite.
  Microsoft takes the wraps off its competitor to Apple's iLife, the new Windows Live Essentials