I downloaded and began using the highly rated, and free Microsoft Security Essentials (http://www.microsoft.com/security_essentials/) for my Windows 7 Beta setup. It's a security package that includes protection from viruses, spyware and other malware.
All I can say is that I'm amazed. The download, installation, and first-time use could not have been easier. And it's free? Really? Wow. Best of all, it simply works.
It does not include a firewall solution, but there are enough highly effective, free options available that make it a moot point.
I had mixed results with the Beta version, but have been using the final on a couple of Windows 7 installs since it came out. I have no complaints.
I'm just using Windows firewall and that seems sufficient.
I have been using only the included Windows firewall (along with my Linksys router) on my Win7 Beta installation, and that has worked perfectly.
I'm still using COMODO Firewall with my WinXP installation, but I probably won't carry it over to Win7.
When I install the final version of Win7, I will likely run with nothing more than MS Security Essentials and Javacool SpywareBlaster (http://www.javacoolsoftware.com/spywareblaster.html), along with the Windows firewall.
Somewhere along the line I stopped using Spywareblaster, not sure why as it is a nice program. I'll have to go back and give it another look.
I love Spywareblaster. It's a great, easy to use and effective little program.
I had to remove it from my Win7 setup because it didn't play well with G Data Internet Security, which has since been removed. But I reinstalled Spywareblaster after installing MS Security Essentials, and it's working great.