When Office Live transitioned to Office Live Small Business, it stopped offering free domain names to new subscribers but continued to pay the registration fees of domains that were already registered when the service was free. The free ride is over.
I got an e-mail from OLSB about the change in their domain name policy stating that domains won't be renewed for free as of October 1 2009. So be prepared to cough up $14.95 per year going forward.
Once you reconcile to the fact that you'll be paying for your domain registration, the $14.95 deal isn't all that bad becuase the price tag includes private registration.