The jQuery project is moving towards putting more and more functionality in fewer methods, instead of having separate methods for every separate thing.
The methods bind, live and delegate have all been replaced by the single method on, where you use parameters of different types to determine what the method does.
Comparison:
$(sel).bind(event, f); = $(sel).on(event, f);
$(sel).live(event, f); = $(document.body).on(event, sel, f);
$(sel).delegate(sel2, event, f) = $(sel).on(event, sel2, f);
If you are using live, you should replace that, as the usage of that method is a bit awkward. Also, the live method creates a delegate on the body element, and you should try to bind the delegate to a closer scope.
If you are using bind and delegate it's no panic to replace them with on right away. You can do that in new code, and in code that you edit anyway, but those methods are not about to go away in the nearest future.