Pondus
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How does Panda Cloud Antivirus really work? http://www.cloudantivirus.com/forum/thread.jspa?threadID=57112&tstart=0
[b]Cloud-based antivirus do not protect while offline[/b]
While this might be true of some cloud-based antivirus implementations, in the case of Panda Cloud Antivirus it is not true. Panda Cloud Antivirus has a local cached copy of the Collective Intelligence cloud servers. This local cache is tasked with detecting (even while not connected to the Internet) malware that is in the wild, non-PE malware and other threats. Unlike traditional signature updates, this local cache update is a “moving target” of what the community sees as circulating out there in the wild. Therefore it is able to efficiently protect against the important threats. This local cache does not protect against Win98 or DOS viruses or even malware that is dead or not circulating anymore. That is why the community aspect of Panda Cloud Antivirus is so important as, the more people use it, the better protection it offers.
UPDATE: Panda Cloud Antivirus 1.1 includes 4 additional new layers of offline protection: 2 behavioural engines (blocking & runtime analysis), autorun disabling and USB vaccination.
and not doing so bad in test
http://www.av-comparatives.org/images/stories/test/ondret/avc_od_aug2011.pdf
http://www.av-test.org/no_cache/en/tests/test-reports/test-reports/?tx_avtestreports_pi1[report_no]=113111