Yes, it's POP3 right now -- even though last August MS promised to add IMAP, it seems like they're "sleeping in Seattle" over there
The IMAP instructions, if you see them somewhere on the web, are for Office 365 users, who do have IMAP access, but authentication will fail for regular Hotmail accounts.
Aqua Mail has automatic setup for @live.com, using POP3, just enter your name / email / password and hit Next.