Microsoft Security Essentials formerly codenamed (morro) is Microsoft's brand new free anti virus and anti-malware software. It is therefore billed as a replacement to existing client anti-virus and anti-malware software.
Apparently it is supposed to consume less resources than other security suites and will no doubt be included as standard on new pc's.
Whether it provides the same level of security as other software produced by dedicated security outfits, only time will tell.