Spybot Search & Destroy (or Spybot S&D for short) is one of the most effective anti-malwares as of to date. I have tested this software for the past several years and I would say that it never let my computer down whenever a malware is underway. It detects a lot of malwares and is capable of removing it. Another great feature of this software is you can immunize your browser as a preventive measure against spywares.
Recently, the beta version of Spybot S&D is released with a new look. On this version they've already fixed some trivial and minor issues. As this is in beta stage, you are reminded that it should not replace the stable version. If you want to try Spybot S&D and see for yourself what it is capable of you can find it at http://www.safer-networking.org/en/home/index.html .