lso on the security front internet explorer uses security through obscurity, like most microsoft products.
This means Mr bad who wants to hack many machines has more opportunity to find a bug, and with Microsoft's pretty pure patch regime and application by users these holes can run rampant.
Having open source code allows many researchers to find and close these bugs before the bad guys can get hold of them, and If they do the same researchers can find a way to close these bugs quickly.
What complete and utter twaddle....
This is the kind of stuff that gets trotted out by the anti MS/IE brigade as fact when very rarely is it anything other than ill informed opinion.
IE8 in protected mode on Windows 7 is incredibly secure. A quick, albeit not particularly scientific look at Secunia currently lists 1 open advisory for IE8 at the moment as opposed to 5 for Firefox 3.6 and 3 for Chrome 4.x.
It's main drawback is the lack of user created extensions although for things like Ads the use of something like Admuncher covers all browsers on a machine including IE and programs like Live messenger.
Having said that IE8 does have a relatively slow script engine and page rendering, although outside forums like this few people are really bothered if a page takes .5 or .9 of a second to render. The variations in sites and connectivity tend to have far more effect outside of a lab test. Still, Chrome in particular does feel somewhat nippy by comparison without doubt.
IE8 is a good all round browser and does the job well for the vast majority of "normal" users. Chrome, Opera, Fifefox and Safari are good alternatives,if you are after specific features especially, if you want something like the extensive add on support Firefox offers. Having said that, a quick look at my machine shows Firefox with a bunch of add ons loaded and Opera 10.5 in default configuration taking up way more memory than IE8 so the term "bloated" should be taken with a pinch of salt...
Whilst adhering to "web standards" can been seen as a problem, it tends to be only seen as such by web developers and Open Source advocates. In practice the reality is the vast majority of web sites are optimised for IE and you tend to have more problems with rendering in "standards compliant" browsers than IE generally. IE is the current "de facto" standard for the vast majority of web sites and although IE8 and soon IE9 will move closer and closer to fully complying with W3C standards and artificial tests like Acid 3, in day to day use it's of little concern to a normal end user.
I'm sure someone like NathanE or FireWizard can explain details a lot better than I can if they spot this thread.