McAfee does offer free updates for their AV 5.0 but they do a very good job of hiding its availabilty and try to suck you into online updates of numerous programs - way more than Symantec/Norton's $3.95/year.
One last thing - unless you're experienced - enabling McAfee email scan is difficult - for Outlook, Netscape and Act! I used to hate Symantec and Norton but their AV is OK.