Live Search is some time behind Google (a year? Less?) in terms of relevance & sophistication.
They are now, however, now competitive. Most people, when presented with both results, would fine Live "good enough." (This is just my opinion).
Expansion of existing features (the product review aggregation is awesome, as is instant & context-based previews on videos) will improve the engine and take some time.
There's a staggering amount of work Live Search needs to accomplish to become "better," even if Google stood still. They aren't going to, which means Live Search needs to roll out features
faster than Google.
That's tough, and not something I'm confident Live Search can do. Back when Live Search initially cam out, their results were pretty good in comparison to Google. However, Google added and refined features faster than Live, resulting in a large gap Live Search
still hasn't closed.