Well yes, UAC has its uses. Especialy with malware/security.
If you're looking for protection against malware, User Account Control isn't going to be a great deal of help. It isn't an anti-malware solution. Running as an administrator with User Account Control enabled makes the administrator account a little safer and any malware which assumes administrator rights will likely malfunction. However, this is merely a side effect of the primary purpose of the Protected Administrator account, which is to force software developers to write their software so it works correctly with standard user rights. Malware which has infected the administrator account can quite easily gain administrator rights which Mark Russinovich discusses in his
Inside Windows Vista User Account Control and
Inside Windows 7 User Account Control articles. He also demonstrated this in the continuation session of his Windows 7 and Windows Server 2008 R2 Kernel Changes talk at the Professional Developer Conference a while back.
Windows 7 and Windows Server 2008 R2 Kernel Changes
Windows 7 and Windows Server 2008 R2 Kernel Changes (Continued from 1:30 Session) - (The talk regarding User Account Control starts at around the one minute mark)
You could actually say User Account Control decreases security. If you use your system in the most desirable way from a security perspective whereby you use a standard user account as your main account and when you want to perform administrative based operations you switch to a dedicated administrator account and then switch back to your standard user account. However, if instead of switching accounts when ever you want to perform an operation which requests administrator rights, you elevate from within your standard user account, you have now just introduced an insecurity to the system.
If we come back down to Earth though

D) where the vast majority of users wouldn't be willing to switch accounts when ever they need to perform administrative based operations and would have been running as an administrator before User Account Control was introduced into Windows, if you can get them to run in a standard user account but give them convenient access to administrator rights, despite the insecurities which elevating introduces, it is still a lot better than if they were running as a full blown administrator. In that sense, User Account Control increases security. So, User Account Control increases security due to the very thing which decreases security. Awesome.

In brief, User Account Control is a tool which enables users to take advantage of a security feature known as Standard User accounts. Whilst running as a standard user is one of the most basic and essential steps to having a secure system, it doesn't protect the most important thing to the user; their data, something which shouldn't be forgotten.
