No this isn't an April Fool's joke. Windows Live Barcode enables users to store their own data in QR codes, which are already present on Spaces for markets like Japan. From the homepage:

What is Windows Live Barcode
Windows Live Barcode is a set of services that transfer information between various media (PCs, billboards, magazines etc.) and handsets via Quick Response Code (QR Code), a two-dimensional barcode. It provides a new method for people to exchange information and enjoy various online services on handsets. Windows Live Barcode aims to enhance handset utility and provide you with more convenience and flexibility.

What is QR Code
The QR Code is a two-dimensional barcode. It contains a considerably greater volume of information in both vertical and horizontal directions than typical barcode in one dimension.

To see a demo, check out Aditya Bansod's blog, where he has created a business card encoded in QR code. Probably not a very useful service unless you are frequently in the Far East, but cool nevertheless!