Interesting problem with IE8 in a layer and McAfee

This will be a brief post but I gather it could interest a few of our SWV customers that are still running McAfee in their environment.

One of my customer is encountering an odd problem: whenever Internet Explorer 8 is started a pop-up message appears with the following details (translated from French by me, so it could show slightly differently on an English system):

Error Window title: "McAfee Autoupdate: updaterui.exe - Component not found"
Error message: "The application could not be started because iertutil.dll cannot be found. Reinstalling the application could resolve the issue"

The Internet Explorer 8 layer effectively contains the ierutil.dll, however McAfee doesn't seem to find it.

Also when the Internet Explorer 8 layer is set to "Hide from Operating System"  Internet Explorer can start without problems.

We have an open case, but I'm on holiday for the coming week and on-site the week after, so I wanted to post this to everyone's benefit (or hopefully just someone ;).