i have seen a strange behaviour from MSAS:
an antispyware program called "personal antispyware" was detected as a keylogger (which it isnt), thats not all to it, it is only detected when a program called "perfect keylogger" is installed. the relation between those two programs is that they are made by the same company.
first i installed personal antispyware, then perfect keylogger, MSAS detected both as keyloggers, then i uninstalled perfec keylogger, and only the remains of perfect keylogger where detected !!!
an interesing thing to notice was that neither MSAS nor ad-aware detected perfect keylogger as a process (they detected files and registery keys)
this screenshot with both softwares installed:
this screenshot is taken after perfect keylogger was uninstalled (using add\remove) and personal antispyware STILL installed. (the remains of perfect keylogger were detected)