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Thanks for the write-up.
You hit the nail on the head about lifestreaming being more of a feature and less a product in it's own right. We built New with Me from the start as a flowing river of pointers to content and not a repository. We want this to be a place to browse updates from people you know. Whenever you want to interact with that content in any way (favorite a photo, comment on a blog post, drill back to an archive or profile) we send the user back to the originating site.
For more on the thinking behind this feature, see my post on the topic:
http://mybloglogb.typepad.com/my_weblog/2008/02...
See you in San Diego!
Ian