MSE v1.0 was a very decent product. It got 4, 4.5 and 5.5 in AV-TEST during 2010. This is the point where it got loads of publicity and main AV companies showed their distaste for MS trying to compete with paid products with a free product. In 2011 MSE v2.0 was released and it got much poorer results in AV-TEST 2.5, 3.5 and 5.5. MSE 2.1 got 3.0, 5.5 and 5.0. Latest protections are down to 1.5. Its quite obvious. MSE is basic AV/AS protection nothing more. Hence why MSE v5 is called Windows Defender in Win8. Plus i am sure all other AV companies appreciate for MSE performing worse.
http://www.av-test.org/no_cache/en/t...t_no%5D=102237
http://www.av-test.org/no_cache/en/t...t_no%5D=110968
http://www.av-test.org/no_cache/en/t...t_no%5D=121355
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