Work machine just got infected with lpcloudsvr302, Symatec did absolutely nothing so I did a restore and install MS security essential, so far so good.

Microsoft Security Essentials offers the WORST protection from 25 antivirus packages tested by AV-Test, a Magdeburg based independent institute, which regularly publishes surveys on antivirus software.
Please note that the CPU performance and the useability of the Microsoft Security Essentials is excellent, but I believe that the key point is protection.

AV-TEST - The Independent IT-Security Institute: Home

I recommend to avoid Microsoft Security Essentials.

Does it make a difference that their test is on w8 as opposed to w7 which I'm using ?

Actually I tried Avast when I first got this computer and I swear it wasn't a week before I got a virus. I went straight to MS essentials and had no problems. I believe you when you say it is crapolla but this is one of those topics that seemingly no one agrees on, and of course the leader board in terms of best protection seems to change constantly.

If you follow the link above you can also find the results for Windows 7.

It is obvious that the results of an antivirus test depend on how those tests were performed. For that reason I have posted links to different independent institutions.

Out of 25 antivirus solutions, the independent Magdeburg based AV institute has certified 22 programs and refused to certify 3. Microsoft Security Essentials was the worst of those 3, because it did not pass the real-world test. The Innsbruck based AV Comparatives organization has tested Microsoft Windows 8 Defender (which has nothing to do with Microsoft Defender / Windows 7 but replaces MSE for Windows 8). AV Comparatives tested 22 different products, and again Microsoft came out as the worst product.

Do you think that the product which was rated worst of all by two indepedent instititutes is a good choice?

No argument here, going to switch to something else, maybe Bitdefender.
Thanks FT

Along side this anti-virus you might want to add another layer of protection using this tool which is recommended by the geek guy at lockergnome.com:
Malwarebytes : Free Anti-Malware
and maybe this temp file cleaner TFC - Temp File Cleaner by OldTimer - Geeks to Go Forums

I also do occasional scans with Malwarebytes. It is an excellent tool to remove infected files.

Recently I've found "avast! Antivirus" unobtrusive and fun to use as well as decently effective /w firewall for free.

Avast Free Antivirus 2014 - Free download and software reviews - CNET Download.com