Last night I started playing around with LotusLive and I must say it's pretty cool. I added Activities to my Notes client and was able to see, edit and work with the activity I added right from my Notes Client. I can see that this is a real game changer for showcasing Lotus Connections, especially in comparison to Microsoft Share Point. The Share Point sites I've seen are no where near this refined or easy to work with. Not to mention all the other products you have to purchase to support Share Point.
Now I imagine that the Bleed Yellow site also has the same functionality that LotusLive is providing seeing as how it's built on Lotus Connections also. Bleed Yellow also seems to have more "social" type features that is serving a larger community and seems to be geared more towards the "personal" side of the Lotus Community where LotusLive is geared more towards small business, as I guess it should be really.
I created an "Activity Template" for deploying an e-commerce website which seemed to be fairly intuitive. Within an activity you have the Activity itself, then Entries which seem to be like categories to me, then sections which gives you a method of splitting up the tasks and finally To-Do items. You can add To-Do items to all of these things and they will fall under that item. The only problem I had creating this Activity Template was moving a To-Do item within an Entry. I still haven't figured out how to do that yet without the To-Do item moving to the parent item of the Entry.
I haven't really had a chance to mess with much of the other stuff, so I can't really comment on the other features. I did add some of the people I know to my contacts list just to see what that was all about and how it worked. I also added the sametime community to my sametime client but don't know the group name to add to see everyone, maybe it just goes off of who is in your network? But I'll mess with that later.
All in all I think LotusLive is a cool app and I'm sure I will find a use for some of the features. You should go check it out. If you would like to add me as a contact, here's a link to my profile.