The most notable additional feature is the use of 
'real-time protection.' In a fashion similar to the way the Zonealarm firewall 
and several other products monitor software attempting to perform restricted 
operations on your computer, the Microsoft antispyware beta uses 'security 
agents' to monitor areas of your system which are traditionally vulnerable 
points for spyware and malware access. These three agents (Internet, system and 
application) each cover a set of checkpoints comprising the vulnerable areas in 
each of their zones of responsibility.

The Internet agent  covers modem and WI-FI connections (including notifying you when 
a new user connects to your wireless network), prevents changes to TCP/IP, DNS 
and proxy settings, and stops processes from activating the windows messenger service, 
among other protective aspects.    
The system agent   protects crucial system files from being changed, prevents 
malicious files from being added to the boot procedure, and a variety of other 
things.
The application agent      prevents alterations from being 
made to Internet Explorer (one of the primary vectors for malware and 
browser hijackers) and monitors system processes.
When an agent encounters a situation that requires user intervention, it pops 
up a system tray notification similar to that seen with Zonealarm or the Windows 
XP Service Pack 2 firewall, requesting that you block or allow the event in 
question.  We ran into this service almost instantly upon installing the 
antispyware beta on our first test machine, an older Windows 2000 laptop known 
to be infested with spyware.  The Microsoft beta popped up a window 
informing us that the messenger service was active, why this was a bad thing, 
and prompting us to deactivate it, which we allowed it to do.  
In total, 59 checkpoints are enabled by default.  Each of these can be 
activated or deactivated individually, and you can view all events that each 
agent has blocked.