New MS Outlook email

Microsoft announced they are eliminating Hotmail and replacing it with Outlook.

My Hotmail accounts seem to be automatically working with Outlook. Will Hotmail accounts automatically be grandfathered in or transferred over without change?

TIA

This should answer your questions.
http://money.cnn.com/2012/07/31/technology/hotmail-outlook-overhaul/index.htm?hpt=hp_bn5

I've been playing with it for the past hour, and it is not ready for prime time. It sucks.

Over time Hotmail will go bye bye but over time
nothing to worry about right now.

Thanks guys.
That was a good link, Rolly, all questions answered. I'm using it and agree it is not ready for prime time, but I like the cleanness of it and the minimal ads that don't take extra time to load. I'll get used to it.