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It shouldn't use as many resources as before so it may be corrupt and I suggest you uninstall in the normal way - Control Panel and then run the MCPR cleanup tool listed under Useful Links at the top of this page, and reboot. Then reinstall from your online account.
Yes MSC v11 is the new 2011 one.
During a Scheduled Scan that is running now, I have no options to skip or trust an item?
Other than that, it's running fine, only ever uses resources when it updates and when it scans.
Because in the Trusted Items part it's description is;
McAfee will no longer detect these threats in your next scan because you chose to trust them during a scan.
One caveat to remember, the real-time scanner may still detect something whether or not you've told the manual or scheduled scan to ignore.
We are campaigning to get that feature too.