I wouldl think it would depend much upon your habits and the precautions you take as to whether or not it's worth your while to use a lower level user account for daily use. On the other hand using a lower level account and learning to make the OS accommodate your need to use such an account for running your software can be a good learning experience.
But you're not stuck with just Admin or Limited account types. If you crank up the alternate user and accounts dialog you can create other user types, like Power User for instance. To run the alternate dialog just go into the Start|Run dialog and type in "control userpasswords2" (no quotes) and click OK. Be careful.
I recommend having TWO admin accounts on each machine, the original and an additional one which you use for general admin chores. (I leave the original admin account alone unless I need it for performing some sort of rescue or recovery function.) If you have only one admin account and it gets borked during a software or device installation, the OS installation is screwed, and you have to start over.
And, BTW, running in an admin account in Windows XP is not the same as operating as root in *nix. Root is more like operating as SYSTEM in Windows. Now THAT would be dangerous.
- prosaic