Free now (so you'll get hooked), but you'll have to pay for it (and updated malware signatures) when it gets out of beta. Instead of fixing Windows vulnerabilities, BillG comes up with another nice little money-spinner.
AFAICS does nothing that AdAware and Spybot (+ an decent AV program and firewall) don't do - and I don't trust M$ not to spy on me, it probably has lots of little hooks for DRM.
The day Microsoft makes a product that doesn't suck is the day they start making vacuum cleaners.