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To hopefully answer the question on the IPS policy missing:
HIPS 8 is sold either as Firewall/IPS or purely Firewall which is why i believe there are multiple extensions to check in (unlike previous versions). If you don't have the IPS license extension (HostIPSLicense.zip) checked into ePO, you wont see the IPS policy option.
As for what types of policies to configure, I believe that all depends on what behavior you are trying to achieve.
I solved the problem... it was very strange though...
Removing and rechecking IPS license did not work, removing all HIPS extension and SW and recheking it bak in (through ePO) also did not work... strang huh. However, removing again all extensions and SW and recheking it back (downloaded package from McAfee download) solved the problem...