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SharePoint 2010 and Excel 2010 questions

I’m currently using SharePoint 2007 with Excel 2010.

I have many excel files on my SP 2007 server and I can click on them and open them with Excel 2010 and click the edit button in excel to be able to edit the excel file and save the changes back to SharePoint.

My question regarding SharePoint 2010 with Excel 2010 is does SharePoint 2010 allow you to do this?  In other words, does SharePoint 2010 (enterprise version) allow you to open excel file in Excel 2010 (not just in read only mode) and be able to edit the file in Excel 2010 and save it right back to SharePoint 2010?

Or do I need office web apps installed on SharePoint 2010 to accomplish this task?

Thanks
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Mike12341567890
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Thanks for the prompt answer.  However, I’m not getting SP 2010 Excel files to open correctly on the new setup.

I’ve installed SharePoint 2010 on a Windows 2008 server and copied over my database.  I guess some things have changed regarding Excel services in SP 2010.  When I click on an Excel file on my SP 2010 server in a document library, IE9 automatically opens it in the browser unlike previously in SP 2007, it only opens up Excel web access content in the browser.

However, when I click on File - open in Excel or click on the dropdown box for the file and choose open in Excel, my Excel 2010 gives me error saying “could not open file” and then another error box “cannot find the file…”

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I have no problem downloading a copy to my local computer and then opening it.

I checked my setup and I believe it looks like the same as my SP 2007.  I have only Windows authentication enabled.  I tried both on the intranet without SSL/security and on the internet with SSL and had the same problem.

On FireFox, when I click on a file, the FF browser prompts to either open it or save it.  If I open it, Excel 2010 does open the file but it is in read only mode and if I make changes and save it, it saves to my local computer’s temp folder.

My setup is Windows 7 64bit with Office 2010 64bit using IE9 32bit.

I tried this on a Windows XP machine with Office 2007 it would open it but only in read only mode with no option to edit it (like I had before with SP 2007).

I tried on a Windows 7 32bit machine with Office 2010 32bit.  Excel on that machine would prompt me with the option to open it in read only mode or edit it but whatever option I choose, I would get the same “could not open file error in IE”

Since I have this working with my SP 2007 server on with my Windows 7 64 and Excel 2010 in the same network and environment, am I missing some configuration on the SP 2010 server?

Are there changes I need to make to Office 2010?

I’ve searched on the web for answers and so far have tried many tweaks to my IE9 and Office 2010’s settings and had no luck.

Excel files in .xls, .xlsx and Word docs all have the same error.  PDF files open my browser without problem.  
Can anyone confirm Office 2010 works with SharePoint 2010 from actually using or testing these two products together?

What I mean is, can you actually open a word or excel file from SharePoint 2010 from your Office 2010 program on your personal computer?

I have not been able to get this working so far.
I did confirm with SP 2010 site admin he indeed can use Excel 2010 to open files on this site.  Must some misconfiguration with my setup.  Thought haven't find the cause yet.