Hey there,
When I installed this, I noticed a small issue was that you couldn't change your display picture for whatever error it says, usually "Wrong file type" or whatever. This is due to Microsoft forgetting something in their latest installer. A lot of fixes suggest that you should install the previous version and then install 7.01 on top of that. That way is longer, takes more space, and it's more tedious. To fix your display picture problem (and most likely other issues as well), do this:
Create this directory: ~\Documents\Microsoft User Data\
That's it! You don't even have to restart MSN. Now you can change your display picture. Example below:
http://dump.stoleyour.net/uploads/b96cf6411f.png
Enjoy guys!