No, the Live and Live Plus do not have the 3 RCA jacks that the WDTV HD did, but it has a mini-jack and a supplied cable… the cable fans out to the same 3 RCA lines… composite video (yellow), left audio (white) and right audio (red).
The only way to get more than 2 channels of audio (from a multi-channel source, obviously) is to bitstream over optical or HDMI to a capable decoder.