There is no equal to Live.
Personally, I do not like the idea of paying $50 for multiplayer access. However, you have to give credit where is it due; there is no other console that offers what Live does.
Nintendo's online is a joke. And Sony's is MIA. Yeah, I get it, Home will "pwn" and it will be for free - ok, sure.
None the less, a lot of you said Live will get "destroyed" since a competitor will come out with something like Live and it will be for free. No such thing has happened. And there is no set schedule or news about anything of that nature.
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