No- like this. It's on my Hotmail account.
Basically, this is the 'Contacts' section of my inbox. Now, usually, where there is a blank space, there should be a little green or red Messenger icon displaying whether or not the contact is signed in (assuming I'm using WLM, which I am).
Also, whenever I am sent an e-mail from someone on my contact list, and is online, I usually have an option saying: Instant Reply, which starts an IM convo with them. However, this feature has gone.