I've evaluated both Avast! and AVG. (both free versions)
AVG :
Pros
* Very easy to work with. I only looked at the help file to see what their functions mean, do and what they're for.
* Nice and lean.
Cons
* Can't find any at the moment...I might run into some later.
Avast!
Pros
* Has specialised resident apps for various apps. (Messenging, HTTP, P2P, etc, etc).
* Has interesting "Chest" and data restore options. (IF all else fails, you can restore the file to original state).
Cons
* Its got too many specialised resident components. (bit bloaty, so disable the ones you do NOT need.)
* The webshield function seems problematic as it corrupts or stops some of my downloads (they're just regular downloads via browser!)
* Its interface (GUI) could be improved, and simpler. Its not very intuitive or well laid out.
If you're super paranoid...You can have both free AV products installed.
BUT you must disable "resident protection" on one of them.
ie : AVG with resident protection ON, Avaast! with resident protection OFF.
And vice versa.
I've learnt that, you can have multiple FREE products on one system (AV and anti-trojan), and its just as effective as a paid AV solution.
SO you can have an effective and free security solution.