Just stumbled across the news that since the end of August, Hotmail has supported Activesync. Settings are:

Field                                                   Setting
Server / URL                                    m.hotmail.com
Username                                         Enter full email address, for example: someone@example.com
Domain                                              Leave this blank
SSL                                                      Enable this
Certificate                                         Accept the SSL certificate when prompted
Mail, Contacts, Calendar, Tasks  All can be enabled

although Tasks are not supported on a number of devices.

I've tried it on an iPhone and all works just fine (except Tasks).

Happy Hotmailing on your mobile!