Windows Live Groups is a service that is intended to provide a free stable platform for regular users to combine their efforts. The service will integrate Office Web Apps. Being able to create a group and not having to explicitly ‘invite’ others to edit a document should make team projects a lot more easy to manage.
Screenshots posted on LiveSino.net (translated page) show that Microsoft will be integrating Calendar, Office Web Apps and Photos into Live Groups.
The left sidebar shows an interesting icon as pointed out by LiveSide, the ability to ‘pin’ documents under Recent. OneNote is a part of Office Web Apps and will users to share notes.
Microsoft, the wait for Windows Live Wave 4 is killing me. Can we have it already?!