Are you using Vista? Microsoft has received many complaints about the gray text. I am using Windows 7 and just noticed that the headers are now black as they should be. I am using my own skin and I know I found a way to change some of the settings for Live Mail but I don't think the gray text was one of them. Right now I am using a skin called Christmas Holidays and, as I mentioned, the text is all black. When I use my own theme the text is dark blue. Now I wonder if the gray text is just a Vista issue because I haven't noticed it since I upgraded to Windows 7.
Anyone out there who knows if this is the case? Inquiring minds, you know.
I also wonder if this could be an IE 8 fix. Can't remember when I last saw the gray text.