Microsoft is preparing to release a new version of Windows Live Writer that may not have too many new features but it will sport a brand new user interface powered by the ribbon (similar to what you have in Microsoft Office programs).
A feature of Live Writer 2010 that will probably stand out is Live Clipboard – it allows copy/paste operations between web applications running in browsers and desktop apps (in our case, Live Writer) without displaying any security warnings.

Screenshots of Windows Live Writer 2010 Beta
Live Writer will have built-in HTML Styles (similar to Microsoft Word) that you may use to quickly apply the same formatting to text snippets in your blog posts. There’s also a new emoticons option to help you insert smileys and other icon images in your blog posts. More screenshots are available on LiveSino.net and LiveSide.net.
Microsoft has specified no release date but if this tweet from the Live Writer (Core) team were any indication, they might release the world’s favorite blogging software during WordCamp SF* that happens on May 1, 2010.
[*] The San Francisco edition is the most popular WordPress meets in the world – the audience will have tons of bloggers and it therefore makes lot of sense for Microsoft to release Live Writer 2010 during that event (if not before).
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Live Writer has had Live Clipboard support since 2006. It is not a new feature.