how can I access favorites in the Excel 2007 Open file command
 

In Office 2003 I could add directories and spreadsheets to my favorites in
IE. When selecting the Open menu option favorites would appear in the icons
on the left hand side of the open dialogue box and form these it would just
take a couple of clicks to access the relevant files which may have been
several levels of directory deep on the network servers. This was also
available in Word. Having upgraded to 2007 I cannot find a way to access
this type of functionality. Has anyone else encountered this problem, or
know how to access the favorites folder easily from Excel 2007?