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Other then unknown damages, this virus will keep your system very busy and your system will become very slow.
If you want to remove this virus manully, you need to start system in safe mode with command prompt. This virus generally creates one folder "Program Files", this folder has 2 spaces in between as compare to 1 space with normal "Program files". Another place your will find this virus is Recycler folder on your C drive. To view this hidden folders, you need to use command "dir /A:S" or "dir /A:H". Then you can enter into the these folders and delete them by using "del /F /A:S *.*" and remove the folder using "rd /S < virus foldername>". Pl remember not to delete normal "program file" folder.
Once you have deleted all the files, start the system in normal mode and then open the registry using "regedit" command. Over here there are 2 locations where you will find 3 keys for winsysapp, commgr and winalert, delete all the keys from these 2 locations. Locations are hkey_current_user/software/microsoft/windows/currentversion/run and hkey_local_machine/software/microsoft/windows/currentversion/run. Once it is over, all are all set.
Well i used run reg security suite and it got rid of all of those.. hope mcafee comes up with a solution soon..
check it out with the latest dat version of mcafee for this issue. its getting cleaned after performing ODS with the dat later than .