I had the same problems with installing other software, turns out that my "C:\Windows\SysWOW64\wups.dll" got somehow corrupted (empty file). Overwriting it with the intact file (~27KB) from another Win64 installation fixed it, but it was a pain finding out how to do that (you need to set yourself as owner of the file, then you can write enable it).I tried to install the beta a few days ago. I kept getting an error that said it was an invalid Win32 program, but I'm running Windows 7 Home Premium 64bit. I tried both the 64bit and 32bit installs, and both gave me the same message.
"Using" MSE aswell, definitions are over 3 months old. I killed every background checking and just run it when I come across suspicious files, I surely like it more than "AVG Free" which I previously used.