But I must admit that I didn´t understand the instructions on how to set it up at first.
Here is how I did it (my OS is in Norwegian so I´ll try and translate it):
1. Drag the downloaded file to the app-folder
2. Run the file, you should get "successfully installed" after while
3. Open mail
4. Under "Archive" choose "Create New account"
5. Account type: "POP"
6. Description "Hotmail" or whatever you´d like to call it
7. Your name, e.g. "Bill Bill"
8. E-mail-address: Your e-mail-address, e.g. "email@example.com"
9. On the next page; Incoming e-mailserver: "localhost"
10. Username: Your complete e-mail address, e.g. "firstname.lastname@example.org"
11. Password: Your account password (but I guess you have to enter it later too)
12. You will get errors when mail.app tries to connect to "localhost", but forget that, continue anyway
13. Leave the box for SSL UN-checked
14. Configure your SMTP server address if you want to be able to send mails with the hotmail-account as well (must use an SMTP-server, but the e-mail address used in step 8 is shown to the recipients)
15. Click "Next/Continue" till you´re finished with creating the account
16. Then, under "Mail" choose "Choose"
17. You should see a new window with preferences for your accounts, mark the hotmail-account, and choose "Advanced"
18. Change the mail-server port from 110 to 11110
19. Close and Save
Voilla! Hope it works for you!