Windows Live Hotmail is slated to officially receive Exchange ActiveSync support sometime this summer. However, while nothing has been announced, it appears this support is already active.
Liveside.net is reporting some users are having success in syncing their Hotmail accounts through ActiveSync. Through trial and error, the server address has been identified as m.hotmail.com, SSL should be enabled, and you leave the domain blank. Obviously you enter in your username and password accordingly.
If you're feeling adventurous, give it a try but remember, this isn't an official announcement so there may be performance issues present. Also, with ActiveSync only able to sync with one Exchange Server, you will have to delete your existing data. Make sure you have things backed up before giving it a whirl.
In reading the Windows Live Hotmail FAQ Sheet, calendar and contact support is also present with Exchange ActiveSync. There's no mention of task synchronization which may be a downside for some.