From wikipedia
So in other words: if you are the owner of your PC, then there is no real need for UAC, and you could disable it.
Probably better to unlock the hidden administrator account in Windows 7, so that you have all the rights possible to do whatever you want. Then there is no need to install OB outside of the %program files%, either.
Right, and then a buggy (or purposefully malicious) app has its day over all your system files... UAC is not designed to limit user accounts (there are other, far more effective tools for that that have existed since Win2000), it is to prevent applications from making unauthorized changes to critical system files (which include all of the Windows directory and all of Program Files and Program Files(x86) ).
Problems start with old (pre-Vista) or badly written applications, which store their ini file or other data that needs to be modified during operation, in one of the protected directories (typically Program Files). The Users directory is intended for that kind of stuff.