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www.symantec.com/avcenter/venc/data/w32.bugbear.b@mm.html
I have not seen anything on this but it seems to be very widespread and level four is the same level of Klez.
Added in: We just found it on one machine but only after going through msconfig and ending all processes, start menu etc
The virus attempts to stop most AV progs from working
Its not similar its exactly the same :)
The Klex virus in April did not have keystoke recoding capability nor backdoor entry capability where the hacker could do pretty much anything he wanted including edning any processes deleting files etc.
But anyway all I know is it is a pain in the *** so in that way yes it is exactly the same.