As you have found, when using Live Mail 2011, there is no stationery, as in earlier releases. I have found this way to put some back again.
Download all or any of these, and run the .exe's.
http://thundercloud.net/help/wlm-collections.htm
Click Users - username - Documents - My Stationery and find the stationery you want to use Double Click to open the stationery.
On the top border of the stationery, click your enter (return) key a few times until your cursor is below the image and then begin typing your email. Send the mail as normally.
You will have to restart each time, if you wish to use different stationery. But, if you are content with a choice of just a couple of different stationery's, the plus is that you do not need to have Live open. You just click the stationery you need and it opens Live to a new email - with your choice.
So, for example, If you have one you particularly like, you could drag it to the desktop, and use it as your new mail executive.
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