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The latest version of Messenger Plus! for Windows Live Messenger, Messenger Plus! Live 4.21.270 has been released on May 16th 2007.

Download it from here:
Download Messenger Plus! Live 4.21.270

Changes:

• Added support for the new "I’m" emoticons of Messenger 8.1 in various
  Messenger Plus! windows.
• Some improvements for script developers:
  • The script editor window remembers its size and position.
  • A "find text" window has been added to the script editor, accessible
    from the Options menu or with Ctrl+F.
  • On error, the script debugging window now displays the file name
    associated with the line number where the error occurred.
• This version includes access to the 6th anniversary contest that will
  start in about a week from now. This will be removed in
  the next version when the contest is over. For more information, check out
  the announcement on msgpluslive.net.
• A new selection criteria has been added for event notifications. You can
  now choose to create notifications that automatically apply to contacts with
  opened conversation windows. Useful for example to get notified when someone
  signs-out unexpectedly if you don't notice it in the chat window.
• No extra header is added to chat logs anymore when closing a chat window
  and reopening it soon after. The default timeout for new session headers is
  10 minutes and can be modified with the new ChatLogSessionWait registry
  setting.
• To help people who customize the looks of their Messenger Plus! chat
  logs, if a "custom.css" file is found in the Messenger Plus!’s installation
  directory, it is automatically copied in the directory of newly created
  XHTML chat log files (only if no custom.css file already exits in the
  destination directory).
• Blocked contacts are now displayed with the grey offline buddy icon when
  needed in tabbed chats and desktop contact windows.
• An option has been added to display the e-mail of the current user in
  the tooltip of the systray icon (mostly useful when using several accounts
  together, enabled by default).
• The contact name displayed in custom event notifications can now be
  modified by formatting the message like this: \Name\Message.
• A Turkish translation has been added to the setup.
• Added a new fail-safe mechanism to add the "Plus! Not Loaded" menu in
  more failure circumstances, to inform the user of the problem.
• The setup uses a better compression method and is now even smaller than
  it was for version 4.00.
• Scripts from the previous script developer contest are not included
  anymore (they can all be downloaded from the site).
• The default font for HTML chat logs has been changed from Microsoft Sans
  Serif to MS Shell Dlg (which actually maps to your system's default UI font).
  This was changed in Messenger some time ago and the change in Messenger
  Plus! will reduce the size of HTML log files generated with the default font
  (the logs will look the same as before).
• If several event notifications apply to the same user and have exactly
  the same parameters (message & sound), the notifications are not duplicated.
• When a script is installed, enabled or disabled, the change is reflected
  in every Messenger currently running. When that happens, all
  the scripts in the other instances are restarted. To avoid causing problems
  to script developers, creating a new script or editing an existing one will
  not trigger an automatic reload in the other instances.
• Fixed: scripts or add-ons that add a systray icon can cause problems to
  some of the Messenger Plus! features.
• Fixed: the new enhanced text copy feature does not support RTF
  (formatting attributes are not copied with the text).
• Fixed: the enhanced text copy feature is not used when pressing Ctrl+Ins
  or Shift+Del.
• Fixed: Messenger Plus! notification popups do not stack and appear one
  at a time.
• Fixed: encrypted logs cannot be generated nor read on some Windows
  accounts if the Messenger Plus! keyset container got corrupted.
• Fixed: auto-update setup does not launch on Windows Vista (fixed for
  future auto-updates, excluding this version).
• Fixed: Messenger Lock does not sign-out the current user if his status
  is appear-offline (when "sign-out" is the status selected for the lock).
• Fixed: chat windows cannot be opened anymore and Messenger may crash if
  a third-party software is used to close a tabbed chat window.
• Fixed: bug introduced in the last version. Tabbed chats don't flash when
  some special actions such as /me commands or winks are received.
• Scripts: fixed a problem with rich edit controls re-appearing after a
  position change of the parent.
• Scripts: added EditBox_SetCurSel, EditBox_ReplaceSel,
  EditBox_GetCurSelStart, EditBox_GetCurSelEnd,
  RichEdit_GetTextRange and
  RichEdit_SetCharFormat to PlusWnd objects to simplify working with edit
  controls.
• Scripts: Interop::Call and Interop::Call2 now accept up to 12 parameters
  so that functions like CreateWindowEx can be called if needed.
• Scripts: fixed title bar draw glitch when sending WM_SETICON to an
  interface window.
• Scripts: OnEvent_Timer function calls are not automatically displayed in
  the Script Debugging window anymore. This prevents the window from filling
  up with continuous repetitive calls.
• And yes, many other small things fixed here and there that are not worth
  mentioning :-).