It is valuable in that it will be installed on many users' machines who otherwise would have no spyware protection whatsoever. A mediocre anti-spyware app that catches 70% of the spyware is better than catching 0% with nothing.
None of the spyware removal apps are perfect though... if you run them one after the other, each will find a few parasites that the previous one missed. I like Ad-Aware myself, but the differences in comparison to Spybot, Spysweeper, etc are marginal.
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