Excel 2007 query problems

Has anyone else noticed problems with Excel 2007 when doing webqueries? We have someone who wrote a bunch of VBA in an excel document (excel 2003) that does 7 web queries, and then creates pivot tables on the results.
Because of the row limitations in older excel version (1million+ rows in Excel 2007), we upgraded. However, now the Excel queries take forever. In TOAD, the queries run in 5 seconds, but take hours upon hours in Excel 2007. The PC where Excel runs is adequately powered (CPU, RAM, etc) to handle the load.
I'm assuming some type of ODBC problem? Maybe an incompatibility with Oracle 9iR1 drivers?
We're running 9.2.0.1 here for now.
Any help would be appreciated!
Thanks!
-Mike

turns out the Excel 2007 VBA engine is extremely slow. THe query returns very quickly, but Excel 2007 is taking much much longer to use the result set.

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