Im full admin, re-created my profile, windows xp sp3 (fully updated), The other Autodesk 2012 Products do no have this issue (Inventor and Revit).
My home computer and office computers both do the first run initialization every time. Its autodesk and they haven't fixed this problem yet.
Two things!
Just to correct David Lau's link for others to click on.... Can't run on restricted user
Also there is a FIRST RUN registry key at the following point, I am not so clued up on the registry, maybe its a red herring!
HKCU / Software / Autodesk / AutoCAD / R19.0 / ACAD-B001:409 / 3DGS Configuration / GSHEIDI10 / FirstRun
Calling attention to another long thread on this same topic. Users running various flavors of AutoCAD 2012 on operating systems from XP through W7, network and standalone, are having this issue, and neither administrator rights nor user profiles seem to be the answer for anyone there either.
A forum search on "First Run Initializing" also turns up reports of the problem with AutoCAD LT 2012 and Trueview.
Help?
Compared the registry post boot, pre cold start of AutoCAD and there appears to be no changes in the local user section to whether its "First Run" or not. SO I don't think its a registry value in the user section. Might be in the LM section?
For what it's worth, a file search on modify date, with hidden files and system folders included, doesn't reveal any files that are changed during the ACAD startup process either.