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http://blog.chromium.org/2011/06/introducing-non-admin-chrom...

The new version of the plugin does not require admin permission.

IIRC the new version of Chrome Frame does not require Admin access any more. I think it runs a secondary process that injects Chrome Frame into any new instances of IE starting up.

Amazingly, it goes one further — reloading any pages that were already open before the Chrome Frame installer ran is sufficient to get the CF goodness on those pages!