I don't believe that running windows under a limited priveledge account is enough to protect you from virus infections. OSX, Linux, BSD, yeah. Windows, no.
You run Windows regularly in the manner that most users do, you pretty much have to have an antivirus program, because Windows is such a piece of junk.
Yes, Antivirus software is bloated. Yes, it is a resource hog. Yes, it slows your system down. Yes, it causes problems. All reasons to use a secure operating system that doesn't need AV.
Now most windows users need anti-spyware stuff too, again as a band aid for the Windows crappy security. It's inexcusable, and pathetic, for one security band-aid to disable another.