I am running all my gameserver services (L4D, CoD, TS3) with the local
service account.
A useful guide by Microsoft "The Services and Service Accounts Security
Planning Guide" can be found as PDF here which has the main goal to help
administrators reduce the effect of a compromised service on a host
operating system.

http://www.microsoft.com/downloads/details.aspx?FamilyId=F4069A30-01D7-43E8-8B30-3799DB2D9C2F&displaylang=en

The guide is for Windows Server 2003 and XP but it does also fit for Windows
Server 2008.


*Excerpt:*

A least-privilege hierarchy should use accounts in the following order:

1. *Local Service*
This account is similar to Local System, although it has minimum privileges
on the local computer. Services that log on as Local Service access network
resources using a null session with anonymous credentials. The account's
privileges must be limited to only those that are required for the
successful operation of the service.

2. *Network Service*
This account is similar to Local System, although it has minimum privileges
on the local computer. Services that log on as Network Service access
network resources using the credentials of the computer account (where the
computer is referenced as <domain_name\computer_name>$). The account's
privileges must be limited to only those that are required for the
successful operation of the service.

3. *Unique user account*
A service should run as a unique user account only if it is impractical to
run it as Local Service or Network Service. You should use a unique local
user account to run services that only require privileges on the local
computer, such as IIS and SQL Server. ...

4. ...
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