I just noticed this KB article - it describes problems with Explorer and the Windows Shell due to the above Security Update.
Programs contributing to it are listed below:
HP Share-to-Web namespace daemon (Hpgs2wnd.exe).
Verclsid.exe program is flagged by Kerio Personal Firewall when IE is started
nVidia Shell Extensions
Here's the link to the article:
http://support.microsoft.com/Default.aspx?kbid=918165&SD=tech