Just upgraded ePO 3.6.1 to 4.0 and HIPS 7.0 to 7.0.3. Now I am getting in excess of 100,000 high alerts daily (Protect HIPS) in the IPS events. These are caused by the 'threat' "Program Files\McAfee\Host Intrusion Prevention\FireSvc.exe" when it tries to read the ...\prefs\FireNetPrefs.txt file.
Firesvc.exe is a Trusted App and is in the McAfee Default Trusted Applications list -- so this should not be alerting. All systems inherit the TA policy and they are getting the policy.