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If you don't have a paid account, for now you either are stuck paying for a third party solution or just waiting. Once they do "flip the switch", you'll be able to set it up like any other POP account.
 
Works fine for me on my free account.

Just entered my hotmail address and password and a screen appeared with a note saying I need a plus account blah blah.

Went to the email app and voila.
 
Works fine for me on my free account.

Just entered my hotmail address and password and a screen appeared with a note saying I need a plus account blah blah.

Went to the email app and voila.

If you go into your Hotmail settings (for a US account) you have to change the Region to Canada and then your iPhone will read your email account. I just tried it and it works.
 
POP3 Windows Live Mail started to work in Portugal, I believe it was yesterday. Until now it was not available here (the login would not be accepted).

I have two free accounts (@live.com and @hotmail.com), and both work.

You don't have access to the junk folder, because of how the POP3 protocol works, only your Inbox. Still, better than nothing.
 
I switched to gmail when I got an iphone which i like alot but after reading this I tried setting up my hotmail (non premium) and it worked fine.. No problems at all!
 
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