I've installed Windows Defender alongside of Avast 4.8 via Group Policy at one of my smaller client locations.
My observations are as follows:
It slows older (especially Win XP) machines down a bit, by using precious resources such as RAM and CPU cycles. It hasn't found anything bad except for VNC and other remote access technologies.
So for now, it seems pretty useless to use them side by side in Windows XP environments, but Win Vista/7 machines might see some obvious gain from using them both. I only say that because any machine that can run Vista or 7 usually has enough horsepower to not be effected by the extra memory or CPU cycles that WD tends to steal away from it.
If you have older machines, I'd say to just leave Avast alone and keep WD away from it.
I'm thinking about removing WD from Group policy shortly.
Edit: Oh, and I currently believe that so far, WD hasn't found anything worth removing, so Avast is more than enough protection. Why waste CPU and memory when something else can find the same thing?