In the past, I've been in two minds about whether or not to install virus protection software on Mac OS X computers (with the current risk of viruses being almost nil).
Now I'm definitely leaning towards NOT installing virus protection software. As Sophos has now proven, the risks associated with such software are greater than the risks of viruses themselves (on Mac OS X, that is).
This is difficult to avoid as virus protection software is updated frequently (new Windows' virus definitions), and generally not well tested (has to be released quickly in order to get the definitions out to users before the new viruses hit them).
The way I see it, for Mac OS X users, there is more risk of damage due to running virus protection software than there is of damage due to viruses.
On Windows, this is not the case, as the number of viruses is much the same as the number of virus definitions, whereas on the Mac the number of virus definitions is far greater than the number of viruses that could damage the Mac (about a million to one?).