With all due respect, aren't we beating a dead horse debating if it is a security feature or not?
Most of us agree that in its current state it does not offer significant security benefits. But most of us (non-Microsoft people) would like to see it become a solid security feature.
The debate on the default for Windows 7 still remains however. The Microsoft people think it is pointless anyway so thus think the whitelist can't do any harm. While others argue that either it makes it easier to bypass, which is a point of contention, or that having UAC on fully has other benefits.
I personally will be:
- Running as a user
- Turn UAC all the way up
- Login to an Administrator account (via UAC) to make changes