I followed the directions to do this under a command prompt and then rebooted. After accessing a document, closing it, then right clicking on it and selecting properties, it updates to the last time I accessed it.I also double checked that the value is "1" with regedit. Also tried turning the computer off and then back on. It is still updating my access times.I am running Vista 64. Could this be an issue with my user rights? I am the only one that uses the computer, there is no login screen either.

Have you tried doing this from a command prompt with administrator priveleges? Type cmd in the Vista search box and wait for it to show results at the top. When you see "command prompt" listed, right click and select "run as administrator". If you have UAC enabled you'll have to allow this action. Once you have a command prompt open type the following and hit enter:fsutil behavior set disablelastaccess 1

I did exactly this. I then checked it in regedit and it is showing a value of "1" for this command line. But when I access a document, then right click it and hit properties, it updates the last access time to the second. Is this a valid way to ensure that it is working?

Have you restarted the PC?

yeap even completely shut it down and turned it back on.