Last year I played a little bit with Rofreesbie. I found it quite nice and seem to be more actively supported (based on more recent FBSD versions) . See
http://www.rofreesbie.org./
For an OpenBSD based liveCD you could try one from daemonforums.org member Jggimi
http://jggimi.homeip.net/ These are very up-to-date (based on latest OpenBSD 4.3 release).