I just visited http://maps.live.com and it looks like they finally put the new release out there. A revamped design and Birds Eye View imagery inside the 3D viewer. You can now also create animations using your collections.

Another new feature is the new "Create model" button in the collection editor when you are in 3D mode. Using it will prompt you to download "3dvia" enabling you to model your own buildings and insert them into VE. It looks somewhat similar to SketchUp used for the same thing in Google Earth. A neat feature is that you get the map as a background to assist you in your modelling, and comes with a bunch of default textures as well: