Are these case sensitive as in Avast 4? I have my own keylogger running, to record screen snapshots every 60 seconds, and have the file path in the exclusions list but Avast 5 still sends it to the Virus Chest! Ideas please? 
No, they are case-insensitive.
Isn’t there any relations with this topic?
http://forum.avast.com/index.php?topic=56392.0
It seems that exclusion lists in main settings sometimes fails to function.
You can use exclusion lists in File-system shield settings, it should work.
:)Many thanks - I missed that one. I have updated the File System Shield exclusion list and will wait and see if it works!