Looks like Live Mesh will soon be replaced by the new Windows Live Sync in Wave 4. If you visit their website, you will see this announcement.
If you’re trying out Windows Live Sync for the first time, you can find out more from the Windows Live Sync preview page and then download the beta version.
If you’re using Live Mesh or Windows Live Sync already, you’ll have to uninstall the previous version before you start using the new beta version
These FAQs may have the answers to any questions you may have about Live Mesh or Windows Live Sync.