Upgrading to Windows Live Question re Hotmail/OE - Bubey

Once, one upgrades to Windows Live Mail, will it
then work like the old Outlook Express?
Will we be able to import messages and the address
book like we did when between OE
and Outlook?
Is there a link you can send me that gives user
opinions on how Windows Live Mail works,
or doesn't work so I be informed before deciding
to download this program.
Thanks