slightly said:
And it's questionable here whether root is actually more important than your user account - which is more important to you, losing your OS installation, or losing all your user files? I suspect for most people, they'd be happier having to re-install OS X than re-create all their documents. And for this type of system, it's relatively easy to get physical access to the machine and, unless you have Open Firmware password turned on (and even then, there's a way around it), any interloper can re-install the system with themselves as admin, and lock you out completely.
Matt
I completely agree but just wanted to add a few thoughts. What harm could be done when somebody breaks into your computer (via a direct attack, worm, virus, trojan, etc.).
a) Your system or parts of it could get hosed with or without the intention of the intruder:
You are left with a non-working computer, which can be desasterous for people who need the computer for their job. You need time to reinstall everything, clean your back-ups etc. and may also loose data.
b) You loose data. Needs time to restore them from back-up assuming you have current (daily) ones.
c) Personal information is stolen (credit cards).
Non-admin user accounts in principle only protect you from a) but they might make b) and c) more difficult for the intruder, and therefore less likely, and also easier to detect. Any intruder who can modify the system can more easily prevent detection.
However, if e.g. a worm manages to install a keylogger with only non-admin account priviledges, I would guess, the next time your entering a admin password to accomplish a certain task your system is lost as well.
Security is never absolute, it relies on the hope that the holes in the software are found by the good guys first and on making the life for the intruder as difficult and unrewarding as possible.