My account has been upgraded. I applied the patch/fix (KB2093594). Now shortly after I start Windows Live Mail 2012, I see the error message 'Windows Live Mail has stopped working' and the program crashes. I tried removing the Outlook account and leaving my other gmail account but Windows Live Mail still crashes.
Prior to applying this patch, I had manually configured my Microsoft account as an IMAP account. This was as per suggestions made in another thread about problems with Windows Live Mail. After applying those recommended IMAP configuration settings, I was able to read and send mail via my Microsoft account using the Windows Live Mail application. However, I did get the warning message about calendar info that Bruce EW described at the start of this thread and did not see calendar info in Windows Live Mail.