The one reason I have been delaying the upgrade to the new Windows Live Essentials beta was the removal of the Ctrl + L shortcut key for inserting images in Windows Live Writer. That was one of the most important shortcuts for me, and I really gave a damn to the new ribbon UI for inserting images.
However, I recently upgraded to Windows Live Wave 4 including updating Windows Live Writer, because I found out that the shortcut key did exist, however, it was changed to Ctrl + J instead.
In addition to that Windows Live Writer Wave 4 also has several other shortcuts including those which allow you to apply paragraph and headline styles using keyboard shortcuts. This feature was requested by me in my Windows Live Writer wish list.
If you want to know about more Windows Live Writer Wave 4 keyboard shortcuts, Aaron Bregel has put up the full list which can be viewed here. I found the image shortcut there too :-).