Yes it is. You need to have a MSN account (hotmail, live.com) and then you log in and go to http://productupload.live.com and create your "catalog" which is your shop info. I use cafetoolbox to make my MSN Live Product feed (standard settings - tab delimiter)and then upload it at the live product site.
Last I knew, Live Product was still in beta. I can't say I've really seen much activity from it and I've been using it for about 3 months now. It also seems pretty hard to find on their site so I'm not sure what they're doing with it at the moment in terms of marketing it or getting people to use it.
FYI: I just tried this and had trouble signing up. So I contacted them through their Help Center and they replied back with:
"I would like to help with your recent inquiry about the sign-up process for Microsoft Live Product Upload Beta. Currently, we are no longer accepting additional candidates for our Beta program for this product....Please continue to watch for the full release of this and other fine Microsoft products."
That's all I've received from them as well. Just an email saying they're not accepting new folks right now, but my shop will be "reviewed" and perhaps someday I'll receive an email saying I'm special. But that was a couple of months ago.