Here's a little something to kick off our birthday celebration in style! . Well now the little project has made its debut on Windows Live Ideas (for some reason you must be signed into ideas.live.com with a US Live ID for the link to work).

Ten points for each person you can identify in the shot. 
That's right, Nemo is back with a new look and a new name. They're
calling it exactly what you would expect, Windows Live for TV. Live
TV is an additional program for Windows Media Center which will provide
access to Spaces, Messenger, and Live Call, all wrapped up in a ten
foot interface. Here's the feature list from Ideas:
• Browse millions of Spaces in rich 3D graphics with new Gallery views and full keyword search
• Find out what your friends have been doing and saying on Windows Live Spaces
• Have real-time text and voice conversations*
•
Call your friends' mobile or landline telephones by signing up with
Verizon Web Calling to make affordable domestic and international
calls**
• Easily navigate with your mouse, keyboard or a TV remote (remote navigation requires Microsoft Media Center Remote and IR)
• Make free PC-to-PC calls to other Windows Live Messenger users.
*Both parties must have compatible webcams, microphones, and speakers
**Requires voice calling in Windows Live Messenger Client
This is how the team blog, In Orbit, defines the application:
"Windows Live for TV is an early beta 3D browser application that
makes it easy to connect to your social network as well as friends and
family from within Vista Media Center or IE7.0. You're be able to view
the best of Windows Live Spaces and communicate with Friends and Family over Windows Live Messenger 8.1 with voice & text chat as well as make a phone call.
Media Center has
brought the PC to heart of the home, adding Windows Live services to
Media Center will make it easier to stay in touch with your social
network. Our goal in creating Orbit is to bring social networking to
a new form factor that is both intuitive and fun to use. We built the
application in Windows Presentation Framework (.NET 3.0) and it will run within Vista Media Center or directly in Vista hosted IE7.0 browser."

For those of you out there who are hoping to use it on Windows XP
Media Center, I think you are going to be out of luck. WL for TV will
require a PC running Windows Vista Home Premium or Ultimate.
It's nice to see that this killer application is getting its chance to shine. You can sign up to test Windows Live for TV here. And so it begins...
Update
Just to be clear, the project is no longer being referred to as Nemo, the new codename is Orbit.