PC-cillin 2007 & Spybot work for me
Last I checked, PC-cillin still requires that you un-install Spybot before you install PC-c, but you can re-install Spybot later.
I run PC-c with the "Suspicious Software Alarm System" turned off. It generates so many false alarms I would have it off anyway, even without Spybot, and anyway Teatimer beta 1.5 seems MUCH better. I also avoid their "list of suspicious changes", and after one bad mess-up, will NEVER let it try to undo any settings it thinks are suspicious. Maybe that's why I have fewer problems than some other posters (?).
Specifically, I never had the horrible slowdowns reports by some other users. PC-c 2007 seems sluggish compared to 2006, but that seems to have nothing to do with Spybot. I tried Trend Micro's slowdown fix (undo Spybot immunizations and delete one of their files), and it had zero effect on my PC, either in terms of responsiveness or the size of their file when it was rebuilt, so I re-immunized.
I had the same 107 false positives as someone else mentions, with PC-c's spyware scan complaining about Spybot hosts file entries. Spoke with their tech support back in late 2006 and they agreed they shouldn't find those, but I don't think it has been fixed -- whatever else you think of Trend Micro, give them points for having free phone support. Anyway, my fix was to run a PC-c scan with it set to "always ask" instead of "always quarantine", and then tell it to "always ignore" those entries, so it's just a one-time thing, no big deal.
FWIW, I run PC-c with most other features on, settings at or above default. Spybot I run with sdhelper, hosts file, immunize, and IE tweak "lock hosts file". Teatimer is either off or 1.5 beta, because 1.4 also drove me crazy with false alarms. I run with lots of Windows tweaks, such as disabling some useless services, which might also explain differences between my results and other people's.
HTH