I'd love say (or hear) yes, but while I guess that its true for the regular old-fashined Windows malware, you can always count on malware adapting and eventually taking adavantage of your limited account, for instance; setting it self in the autorun registry of your user profile as opposed to the local machine. That could turn your PC into a zombie while logged in with your account, without ever requiring priviledge elevation. And then there's always the risk priviledge elevation attacks. I run on Vista with a standard user account and have another account for admin duties, to mitigate such attacks.
Anyway, running as standard user is way way much safer that with admin priviledge, but is not perfect.
I feel your pain I hate AV big time too. Never been attacked by viruses, but must acknowledge that every once in a while, I feel compelled to run a passive scan in my machine. After all, we all are exposed to be cheated by a rogue installer, because, you check the MD5 and signature of every installer you run, don't you?