TechRepublic has a very detailed article answering 10 questions about Microsoft Live Mesh.
#1: What is a mesh?
#2: What is the Live Desktop?
#3: How much storage space do I get “in the cloud?”
#4: Do I have to install any software?
#5: Can I synch folders on my other devices without copying them to the Live Desktop?
#6: Can I share my Live Mesh folders with others?
#7: Does Live Mesh include “presence” technology?
#8: What is Live Mesh Remote Desktop?
#9: What about security?
#10: What is Live Mesh expected to be able to do in the future?