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I have that IP listed as being in a range that returned rDNS not so long ago. Today I removed several others from my accredited list that I'm sure resolved before. Could it be MSN is rearranging its IPs into more sensible blocks and purging non-bot rDNS and giving it over to proxy use? No, don't laugh. It's always possible. :)
For reference: the IP block the hits came in on today were 207.68.133.nnn.
We do rDNS/double-lookup at the webserver level so an IP in an access_log = no rDNS. Skimming some older notes, neighboring 65.55.234.169 ran "msnbot-media/1.1" in May, 2008.
I wonder if this is microsoft at all. Perhaps they are from China or similar using MS proxies. If so there is no indication they really are proxies, at least not by the usual headers.