I think $50 a year is a great price for the service you get with Live. It's not just "PC online gaming", it's an entire closed system, with voice service, text serivce, everyone on a mic ready to talk, buddy lists, Live aware, tracking systems, and DL content. Added next gen, there will be video chat, and the GUI will be far more expanded, including stat tracking and feedback.
Granted, most all of these can be found on the PC, but in order to take advantage of them, you have to get everyone on the "same page", with the Live environment, you can meet random people, and instantly have access to all these features with them.
While it may not be your thing, it's a solid system, that is, in my opinion, the best online model ever created. I look forward to when MMORPG's explode on it, and all these features will carry into them.
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Live is good for the Xbox, no question about that. I see no use for it since, as you already stated, the same services are already available on the PC. That's why i'm interested in what Sony and Nintendo has to offer as an alternative (hopefully not as half-assed as you put it).