I have just installed Outlook 2007 Standard on Windows 7 Ultimate. I accepted the option to subscribe to RSS feeds and can view the feeds that were added by default.
When following the directions on Microsoft's website for adding new RSS feeds, I find that the RSS tab itself is completely missing from "Tools->Account Settings" window.
I have also tried subscribing to RSS feeds via Internet Explorer 8, but it does not appear to add these new feeds to Outlook either.
There is no GPO setting in our domain that is disabling the use of RSS feeds.