I think that you are right that it will represent competition.
Let's be clear... Microsoft is offering consumer and enterprise solutions.
The consumer product is OneCare.
The enterprise product includes workstation and server components.
The workstation component is called "Client Protection".
The feature sets are being incorrectly merged together. OneCare is the one-stop-shop (AV, malware, etc, tools, etc).
Client protection will compete with the managed AV solutions from the aforementioned companies (Symantec's NAV Corp, Network Associates' Mcafee enterprise)
To show how muddled things are at redmond, check out the URL for the enterprise webpages:
Hmm... I'll bet this URL changes soon