Yes, I am going to be Yet Another Blogger (YAB) that talks about this service, which is probably exactly how they are hoping the service will be marketing. MSN Spaces is a free blogging tool from MSN that seems to be their attempt to directly compete with Blogger (read Google). There are reports from users that the service is a little rough around the edges and my experience with looking at some of the Spaces is that the spaces load very slowly. Interestingly enough (but not necessarily surprisingly), the Spaces site looks like a SharePoint implementation for the public. Many of the spaces that I have looked at look suspiciously like the SharePoint pages that are used internally at my company. One nice feature is that Spaces natively provides RSS feeds as opposed to the ATOM feeds that are natively provided by Blogger; I have yet to find an aggregator that does not support both ATOM and RSS.
Just remember, if you are thinking of switching, Scoble's 21 Rules of Blogging, Rule Number 12: Never change the URL of your blog.