01-02-2011, 07:11 PM
Anti-Malware (the free version) is good as a *reactive* anti-spyware solution. For proactive anti-malware, I recommend MSE as you said. It's not as comprehensive as some suites, but then, it's also not nearly as intrusive, nor is it a resource hog.
Adaware is basically useless and I only use Spybot as a secondary scan for malware. MWB is very comprehensive and is about the only product that can remove the most complex malware (it's major specialty is the rogue "anti-virus" extortionware).
Windows 7 actually handles defrag chores on its own for the most part, you shouldn't need to run a manual defrag (providing that you keep plenty of free space, much like with OS X).
When I setup a new machine, I typically install FoxIt PDF Reader as a lightweight alternative to Adobe Reader.
I also manually set VM size to 1.5 x physical memory and make the min and max the same, so that you don't get constant resizing of the swap file (which introduces fragmentation).
And finally, I like to install CCleaner for clearing caches and registry cleaning. That's about it off the top of my head.