The option to protect selected files and folders could be interesting

That is something Defence+ ( or any other HIPS ) doesn't do

Okay, here's what it says about "protecting selected files":
System Protect allows you to pick files and folders that you want to protect from deletion such as important documents, your favorite music, photos from your vacation, movies or any other files that you do not want to lose.
Actually, Defense+ does this. If you go to My Protected Files and add *.extension, it will protect all files with that extension. Add some folder, and all files in that folder will be protected. Add the famous *.* and you'll be alerted before ANYTHING gets deleted.
Cheers,
Ragwing