The race continues, intense as ever, to build the “best” browser and Microsoft (MSFT) is at the forefront today, introducing its latest version of Internet Explorer, version 8.0 with new features and better security.

All the major browsers, including Mozilla’s Firefox, Apple’s (AAPL) Safari, and, recently, Google’s (GOOG) Chrome have been competing to offer the fastest, full-featured Web browser -- but one of the chief issues among users as of late has been security, which was Microsoft’s major concern in crafting Windows Internet Explorer 8, or IE 8.

The browser is available for free to download at http://www.microsoft.com/ie8.

This new version introduces many new features targeted at cutting down the time users need to spend to get the information they want on the Web, but the Windows maker is highlighting the security and privacy improvements.

Microsoft Vice President for Windows Mike Nash said in an interview with FOX Business that the most significant improvements, in addition to new security measures, are in overall performance -- and the new Accelerator and Web Slice tools that make it easier for people to get places.

It’s important not only to build a secure browser, but to help people make better decisions on the Web, which is what IE 8 attempts to do, he added.

“We don't endorse or rate software, but what I’ll say is any time a company puts security on the list... that makes it easier for consumers to make smart decisions... we're all for that,” Michael Kaiser, Director of the National Cyber Security Alliance, told FOX Business.

On the security front, Microsoft added a new private browsing mode called InPrivate Browsing, useful for people using a public computer or those who want their Web activity to remain confidential. This mode prevents any tracks from being stored in the browsing history, temporary internet files, cookies, and usernames and passwords. Safari offers a similar feature.

A new SmartScreen filter helps prevent malware from being installed on the user's PC. When he or she visits a site considered malicious, a prompt will warn the user. IE 8 also has a tool that can detect malicious code on a page.

And helping users recognize potential malicious sites, IE 8 now highlights the domain (the so-and-so.com portion) of a URL the user is currently at. This is important, as many recent scams trick users into thinking they’re visiting a bank's site, for example, and get them to mistakenly give out sensitive information because they're not looking at the address they're actually visiting.

On the user experience side, Microsoft added a new Accelerators tool that allows users to right click on a word or an entire phrase and use it in certain actions from the menu to search, email, or even map it. Additional Accelerators can even be added for other things. For example, there is a “Share on Facebook” Accelerator.

Web slices were much-discussed during the beta releases of IE 8. These let users quickly access the information they look up most on the net by showing a portion of a Web page, like an eBay listing, for example, or sports scores. These “slices” live on the Favorites bar in IE and highlight when there’s new information for the user to see.

Microsoft also made an improvement to tabbed browsing, logically grouping tabs from the same sites by color-coding them.

Finally, visual search suggestions have been added to the search box in IE 8. Competing browsers like Firefox offer this feature, showing search suggestions as the user types. Microsoft takes it a step further, actually showing a preview of the search items. Type “laptop” into the Amazon search suggestions tool and you’ll start seeing pictures of notebook computers on the site. Or try the Wikipedia search and you’ll see previews of the encyclopedia’s articles.

The Wall Street Journal's personal technology columnist, Walt Mossberg, in his weekly FOX Business feature, called the browser the “biggest overhaul of Internet Explorer in years” and applauded the new features, but said the biggest drawbacks of the software are performance and speed. In his tests, he found that pages he commonly uses load consistently slower in IE 8 than they did in Firefox, Safari, and Chrome. He noted that when he had 15 to 20 tabs open at once, the entire browser slowed down, almost like it was struggling.

"In terms of features and design and moving ahead with ease of use and privacy, they've done a very admirable job. I just wish the thing were faster,” he said.

Asked if users who have moved to competing browsers like Firefox or Chrome would want to switch back to IE, Mossberg said, “I think if you're a relatively light user and not too worried about the speed, you should check out IE 8 and maybe switch back.”