Per the review below, the Pack is better.
Installing Windows Live suite
With the Windows Live suite, Microsoft is making its integrated set of Windows applications available via a single installer from the Windows Live Web site. Previously, you could obtain beta and shipping versions of these and other Windows Live products and services individually. But Microsoft decided to bundle these solutions together in a way that would expose users to new services while still leaving them in charge of what they do and do not download and install on their system. If there's a downside to this approach, it's that you can't just download, say, the Windows Live Photo Gallery application as a standalone download. Some will find that inconvenient, but I think the majority of Windows Live customers will find this arrangement is simpler and more sensible than hunting around the Web for the applications they want.
source: http://www.winsupersite.com/reviews/wlsuite.asp