LiveCD releases are based off Gentoo Minimal LiveCDs, they feature:

• dev-lang/perl
• app-crypt/truecrypt
• full update of system packages
  
• reiser4-sources (with custom power patches) && reiser4progs
  
• latest unstable gcc
• latest unstable glibc
  
• 2008.0 pure profile
  
• wider hardware support (mostly PATA/SATA controllers and wireless cards): if the kernel being used for the new release supports new hardware it will be included in the next release as well (ath5k etc...)
• various packages

Some have already asked for X/graphics inclusion, my answer has always been "no" for the following reasons:

• minimal liveCDs weigh ~100Mb, full liveCDs ~700Mb or more (less pain for users, faster availability)
• troubleshooting the base profile with basic settings it's a matter of hours, whereas troubleshooting >700 packages it's a matter of weeks (I don't have such time)
• I don't have enough CPU power available to make a big release available to the public in my few spare weeks (2~3 weeks every 3~4 months)