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