Michael Howard recently did a two part series on MSDN about browsing the web and reading email safely as an Administrator (part 1 | part 2).  Today he's got a Quick Start posted on his blog to get IE setup to run with SAFER.  Personally, I prefer the run as normal user route, but if you've got to be an admin on your machine, this is certainly a big step up from browsing the web with full administrative rights.