I have to hand it to the MSN guys, this was a pretty slick way to set up a blog.
It looks particularly good for the first-time blogger that doesn't have a ton of legacy posts behind them. If you haven't blogged, perhaps this will change your mind?
As a tip to the unwary: I set up two blogs, had some interesting problems with them at first (I think they were created partially before the servers were set up), and deleted them before asking about how the deletion process worked. Be aware: If you were thinking of deleting your new MSN Spaces space and starting over, you can't use the same URL again for 60 days - you have to pick a different one.
(Shrug) Still, it's not like I had any content there, and I guess "Trystank" is how my name is more phonetically pronounced! If you're keen on your original URL, don't delete the space, just delete the content!