For that matter, what about my Windows Live Mail 2011? 

I always used Hotmail (now Outlook as of a few months ago) because I could access it with my Windows Live ID from any computer.   I always believed I could not access the Outlook 2010 and the cool calendars, etc  from the Microsoft suite from other computers so I really never activated it. 

Are they all the same?  Is it a matter of preference over which has the coolest tools?

I use SkyDrive extensively to store my files in the cloud but don't understand the connection with Outlook other than I can access it from the Hotmail/Outlook.com email page.

So, is it all the same more or less?