John,
Of course, we just upgraded to Office 2007 as well at work. I have got the same issues as Clyde.
It was very easy to use the toolbar, just click on the "Add-ons" tab and the XLC toolbar pops up in the top ribbon (no other toolbars are seen at this point).
I could easily use the program just as I did when I was using Office 2003, the only difference being the equations don't look as nice as they did in 2003 version.
The equation doesn't read properly (look at attached examples, I did a screen capture then put the two into one picture). If I just open a file saved in 2003, it looks fine but when you redraw it in 2007, its got issues.

I hope my picture helps you, let me know if you need anything else.
I hope the fix is something easy, I just started using XLC a few weeks ago and it is awesome!! Great job John!!
Regards,
Eric Wider