Unfortunately not quite good enough. Spybot will sit and spin its wheels on some of the "rootkit" variations, the ones that hook in at a low level.
Our dear friends at Microsoft came up with a way to lock certain directories so they couldn't be deleted by accident. The ONE directory Microsoft protects this way by default? Their fucking game directory MSN Gaming Zone! "Oh, you mustn't delete THAT! It's too important!" Meanwhile the trojans stuff themselves into the backup store, so if you do a "restore to previous config" you re-infect yourself. Bastards.