[Addendum: I sent someone using MSN 7.5 an offline message and later he got it, albeit when I was online. Others also received the offline messages while using MSN 7.5 (and when I was offline), so maybe it works most of the time.]
Hell, I sent one of my accounts an offline message using another account, and it didn't go through (I used the Windows Live Messenger beta to connect to both), so that tells you something.
I also suspect it is harder to sign on to Windows Live Messenger-enabled passport accounts with third party clients, but I haven't gathered any information on that yet besides limited anecdotal data.
Also, MSN 8 is, if anything, even more bloated and ad-filled than MSN 7.x - something I would normally think impossible, but after seeing what happened between MSN 6.x and 7.x, hardly a surprise. A-Patch for MSN Messenger goes some way towards solving this problem, as far as that is possible while still using MSN native.
In any event, I have