Yet another case of Microsoft not having a clue about security. When Microsoft builds an OS from the ground up with security as a core component, then and only then will they start to get an idea what security is all about.
Giving out recommendations like this, well, its scary. I wonder why they didn't also give the instructions on how to disable UAC in that message box!
Dana, Visual Studio SP1 is still in beta. I'm not trying to explain away this atrocity, but please, file a bug on it! There is still time to fix it before they release it.
Dana, like I said over on Michael Howard's blog (not sure if you're still reading the comments there), I believe that specific "Update for Windows Vista" is what addresses this problem. Once you install the update for Windows Vista, you should no longer need to run Visual Studio as an administrator.
I remember that they had planned on making this Vista update part of SP1, but due to time constraints it didn't get in and that's why there's a second update.