So MSN Search Switched to Live.com the other night. Guess what... Live.com is not passing referer data. I.e. you will not know what type of traffic you are getting from live.com. You won't know you got 10 or 100 or 1,000 visitors from Live.com. You won't know what keywords they searched on in Live.com to find you in the free results. You won't know!
MSN Search did pass referer information, but Live.com is not, at the moment at least.
I verified this with my stats from yesterday, nothing from Live.com and I know I used to get some MSN Search traffic (which has now been replaced by Live.com).