I have read multiple threads here regarding speed issues and xl2007. They
all have said that it has to do with charting or lack of SP1.

So what if I don't create charts with my code, and have installed SP1? I am
still experiencing a 50% slowdown. I've found that it somehow has something
to do with calculation. I have a number of circular references that are
needed in the workbook. I have iterations on and set to the same setting as
they were in 2003. I've tried turning calculations off and on at various
points in the code, but to no avail.

Does anyone have any experience with this? Alternatively, does anyone have
a reference as to how xl2007 calculates (what order) and maybe a comparison
between 2003 and 2007 calculation steps?

Thanks