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Intel® Application Accelerator - necessary?

Yes, its good. It can increase access speed from the hard drive.
The OS should boot a little quicker, apps should load a little faster.
Not bad overall, but I have found it can cause problems with some CD writers, in 2k and XP.
I'd suggest trying it out, if you get any problems then just uninstall it.
Check the read me for a list of supported chipsets.

Hope this helps.
 
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