Yes MBAM is an excellent malware removal tool. It is best employed in that fashion, to remove things that have slipped past your other defenses. In my experience with it, it totally removes the malware, including registry entries. I've had to use it twice on the other machine here because of the user not responding correctly to alerts from her AV (MSE) and allowing a rogue to partially install itself. She was getting the usual popups saying the machine was not protected and wanting to do a (fake) scan. MBAM totally removed the malware.
