Hello colatax:
Html modules add html elements to office live webpages by using Iframes and about the only thing that a search engine spyder will see is "Please enable java script to view this page properly" that is the reason a simple text link has the weight it does using office live with the online editor. The reason I prefer the online editor to using third party tools and uploading my complete pages is that the online editor writes in xhtml and the pages are dynamic (modify date automatically updates to current date whenever the page is accessed by spyders) where using your own html editor and uploading your page the page is static and modify date stays the same. This is one of the biggest advantages that office live offers anyway if I am going to upload my own site it would be on a unix/apache server that supports php, mysql, etc. The templates in office live may be limited and the pages look a little plain bt as far as the search engines are concerned "Office Live Rocks!" and I have not found anything that can compete against office live using the WYSIWYG editor as far as search engine position and ranking.