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It is still a betaversion ideed! But like it has been said before in other replies it is almost exactly the same software as Giants Anti-spyware! Kinda a shame really so I hope they don’t simply copy/paste everything when the full version is released!
BTW, I read somewhere that MS is willing to make their own AV!
Don’t think it will beat Avast! really! 
I do recommend Spywareblaster to everyone! Afterall it is always better to prevent then to cure! 8)