The latest Xen Live CD (that I know of) released by xen source is:
http://bits.xensource.com/oss-xen/release/3.0.3-0/iso/livecd-xen-3.0.3-0.iso
I would also take a look at VM Knoppix:
http://www.rcis.aist.go.jp/project/knoppix/vmknoppix/index-en.htmlThe Xen Live CD from source had a nice setup, used cow images to provide different types of guest etc.
I don't know of any efforts to update the xen live CD, but it would be nice to get it to a newer version.
Do you think you could incorporate the neat guest image tricks in your custom live CD?
If you have time, take a look at the VM Knoppix one, I know they are doing some pretty neat tricks
with oscircular and inetboot, which I beleive is scheduled to be presented at this years Linux
Symposium or similar. Maybe re-spinning the VM Knoppix specifically for Xen could be an option?
Cheers,
Todd