WARNING: There is a significant performance penalty with the live version of hover. It's especially noticeable in a large page on IE8.
I am working on a project where we load multi-level menus with AJAX (we have our reasons :). Anyway, I used the live method for the hover which worked great on Chrome (IE9 did OK, but not great). However, in IE8 It not only slowed down the menus (you had to hover for a couple seconds before it would drop), but everything on the page was painfully slow, including scrolling and even checking simple checkboxes.
Binding the events directly after they loaded resulted in adequate performance.