ÉĿıŽà ЪÈŤħ® <- that is the nickname in UTF-8 format, as seen in MSN WebChat.
ÉĿıŽÃ êÈŤħ® <- that is the same nickname in ASCII format, which is used by IRC servers and clients such as mIRC.
mIRC-based nicknamed decoders can only give an approximate translation of ASCII into UTF-8 because mIRC isn't compatible with UTF-8 format. Also, if you try to send commands to the Server (such as mode changes, kicking, etc.) you have to give the server the unreadable, ASCII form of the nickname or the server won't know what to do.
Vincula has the option to decode names in channel messages, but they still look weird in the nicklist box, and you can't click on names in the channel. My connection (ClearMSN) decodes all nicknames both in the channel and in the nicklist box, and translates them back to ASCII automatically when you perform commands on them.