Particulary on Vista this can be a pain, but also on XP and multiple user setups.
Should be moved to Documents (on Vista, on XP it is the well known My Documents)
C:\Users\<username>\Documents\Funcom\Anarchy Online\Prefs\ (alternatively under the appdata folder instead)
Currently if one is trying to save a screenshot, or have a script which is rewritten/updated automatically (like a now playing song, or some other 3rd party information tools),
they will fail if AO is installed under Program Files. (no write permissions)
Currently the only solutions is to either mess with symbolic links (on Vista) but this still does not properly support multi user systems.
My advice (v18 of AO?) is the following:
Character/user settings is saved per user (on XP and Vista)
the screenshots and scripts folder locations are user selectable (but defaults to Documents folder) in the AO launcher.
The benefit is that AO could be reinstalled without worrying about loosing the settings, or screenshots or scripts.
The only time a user would need elevated (admin) priviledges would be when patching the game.
AO binary files would be protected (on Vista thanks to UAC etc) from getting it's files infected in the event of Viruses or Spyware or Malware attacking the current user account.
AO would be more easy to setup/use on internet-game cafe's or clubs, multiple user systems (family members with separate windows users) and so on.