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Default Excel2007 Pivot Table problem

I have an Excel2007 workbook containing a table. I created a pivot table on a
new worksheet and tested it and everything works great. I saved the workbook
as both a 2003 and 2007 workbook. When I open the 2003 workbook in Excel2003,
it opens. When I open the 2007 workbook in Excel2003, I get the conversion
progress bar and then the workbook opens. In both workbooks when I click on
one of the arrow buttons to filter the pivot table, nothing happens. The
pivot table is frozen. I get a dialog stating that it was created in a later
version and can not be modified. It was my understanding that the
comptablility pack would allow Office2003 applications to work with
Office2007 files. is this true?
 
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