i actually doubt that, it may be smaller in size, but mcafee like memory, plus the largest part in serious AVs is the database for viruses, that's ~half the size in a decent AV (execptions f-escure, norton etc.). i think the only thing worth it is the parental controls (that way kids will have a harder time).
but popup blocker, identity protection (that's actually useless pinch trojans encrypt the traffic before sending so traditional identity protectors don't see a thing, they can only look for that in non encrypted traffic) are useless, basically bloating the router. regarding AV mcafee isn't the brightest one out there.