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Default Nested IF compatability error with Excel 2007

I am using Excel 2007, co-workers still on Excel 2003. When I work on
something, I save to 97-2003 .xls to be able to share files. I only use
Excel 2007 file save when I am downloading data from a database that needs to
use more rows..anyway...I had a file someone shared with me (created in Excel
2003) and it had a nested if statement with 11 levels. I used the file but
when I went to save it as 97-2003, I received a compatability warning about
only allowing 7 levels..is that due to versions 97, 2000, 2002 of Excel??
(Oddly enought, if I save to 95/5.0, it doesn't give me that compatability
message)
 
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