I'd suggest that you hang on to the preinstalled Windows Photo Gallery, if that is what came with your system, if just to avoid the current bugs or corruptions that seem to be happening with Windows Live Photo Gallery.........., an example here;
Notebook - Samsung HM320JI 320GB HD installed 07 August 2009.
External HDs [4];Maxtor One Touch4 - 500GB External HD [Drive M:\].Western Digital WDXMS1200TA - 120GB External HD [Drive G:\ - Windows Defender Backup Files only]. Two x LaCie 320GB Mobi
Mouse
Logitech Wireless V320 for Notebooks - Model M/N: M-RCD125
Internet Speed
Down 20000kb/sec / Up 1000kb/sec [Bigpond-Aus]
Other Info
Brother MFC-465CN; PC to Fax/Scan/Copy/Photo MFC. Epson Perfection V300 Photo Scanner. Siemens Speedstream 6520 Router. Wacom 'Bamboo Fun' CTE-650 PC Tablet, Stylus and Mouse. UAC - On;Activated. Browsers; [1] FireFox v3.6[2] IE8. Honorary R.S.M. to the 4th [Assault Pioneer] Troop Pune Sepoys , and 3rd Troop Jodhpur Bengali Lancers.
While Windows Live Photo Gallery is the product that will more-than-likely be the only version in the future (much like Windows Live Messenger, Windows Live Movie Maker, etc.) you might do well to keep the Windows Photo Gallery on your computer just in case things happen as newer versions are coming down the pipe.