This medscape article is in favor of hormone replacement baed on each individual woman's situation so I'm not sure what you refer to. I am unable to find the KEEPS Trial link directly.
"Overall, in summary, many favorable effects of hormone therapy were seen in these recently menopausal women. The women with symptoms appeared to have quality-of-life benefit and an overall favorable benefit:risk ratio.
The findings really underscore the need for individualized decision-making about hormone therapy in women, because the decision about starting hormone therapy and the choice of type of hormone therapy will depend on a woman's underlying risk factor status, her various symptoms, and her priorities for treatment." stated Dr. JoAnn Manson, Professor of Medicine at Harvard Medical School and Brigham and Women's Hospital. I am also the current President of the North American Menopause Society (NAMS).