I’ve just installed Visual Studio 2010 on my home computer and as pictured below, the icon displays with the UAC shield.

This is of course not an issue, but is this normal behaviour on an administrator account with UAC turned off? I don’t recall having this on my work machine.
Yes, that is the correct behavior as recommended by Microsoft’s User Account Control Guidlines. The relevant part is under the “UAC shield icon” guidelines section and states:
You can read the whole document here: http://msdn.microsoft.com/en-us/library/aa511445.aspx.