Hi Drew,
I know it's tad delayed but perhaps this is what you need.

Highlight your text box, then right click and choose "Format Tex Box". Under
"Properties" tab you need to select one of the following options:
-move and size with cells
-move but don't size with cells
-don't move or size with cells

This applies to both excel 2003 and 2007. I hope this works for you.
Regards,
Piotr

"Drew" wrote:

I have a lengthy spreadsheet with text boxes specifically spaced in an excel
document. In Excel 2003, I could delete rows and everything below the
deletion would move together. In Excel 2007, the text boxes remain while the
cells move. This ruins the visual format of the file.

I can't find a setting to control whether objects move when cells are deleted.