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While it may not have a 'Program Files' folder, the OS does map a folder to the CSLID normally associated with 'Program Files' - depending on hpow the system administrator implements the system policies, it could be almost anywhere. In the .NET and Win2K/Whistler environments, the user id will tell the OS where individual CSLIDs reside - in your office, your 'My Documents' folder is assigned properly when you log in, Desktop and Start Menu items might be resolvable with enterprise-wide metadata for managed code.
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I noticed that once you run the install, you have to option to cahnge the directory for the install, I wonder if it will change only for the exe and install the dll in the proper place (ie: windows/system)