Microsoft Security Essentials - is it worth the hassle?

Microsoft has released a beta version "free" Anti-virus suite to replace their defunct OneCare program. I am puzzled why Microsoft demands so much from user:

Interested users should note that installing MSE requires that the would-be user's system passes Microsoft's Windows Genuine Advantage anti-piracy tool, which checks to make sure it is being installed on a licensed version of Windows. Would-be users also will need to register for or already have a free Windows Live (or Hotmail) account in order to download the program.

Just to get a beta version! Doesn't Microsoft know that you can get free AVG, Avira and Avast without any question asked and installed in pirated or genuine Windows alike? All of them have well established credentials.

So I guess this MSE is just another waste of time, kind of like IE7/8 and better dismissed without wasting your time.