YES along with other versions of Anti-virus software.
As of 1/4/2010 from TechNet ( http://bit.ly/h6Fxyw ):
The client installation checks for and uninstalls the following existing antimalware clients:
- Symantec Endpoint Protection version 11
- Symantec Corporate Edition version 10
- McAfee VirusScan Enterprise version 8.5 and version 8.7 and its agent
- Forefront Client Security version 1 and the Operations Manager agent
- TrendMicro OfficeScan version 8 and version 10