Same problem here - the Status Bar opens at the top of the window. I
can close it with an Alt-F4 and after several attempts I can get Excel
to start normally. I find it strange that it is not consistent in the
way it starts up. Sometimes I have to try up to 10 times - and then
Excel starts.

I have tried to start Excel in Safe Mode - same behavior. I recently
did a clean install (Vista) - same behavior.

There is one thing that nags at the back of my mind . . . the copy of
Office 2007 I use is a Trial Version, converted to a full version
after purchasing a key. Could this be the problem?