Excel 2007 upgrade with external links

>>> but it says it willl prompt to update the links.  What does that mean? <--- Just as it says - it will update links

>>> Does it upgrade the excel spreadsheets to 2007 or do the documents stay in 2003 <--- This is your choice. The default is to upgrade the spreadsheet, but you can change this and that is independent of links.

>>> but just reflect to the new master workbook that is in 2007.  Then what happens when I upgrade the external workbooks to 2007?  <--- You just need be careful that features are not used in the master that are not backward compatible with V2003.

I am using Excel V2010 with sheets with external links elsewhere on the server and I have no difficulties with this. I still use the old format for overall compatability. ... Thinkpads_User

Ok thanks for the reply, it looks like the best solution would be to upgrade all the excel documents to 2007 then open the master documents and update the external links.  Since none of the documents have been opend before in 2007, we won't have any issues with using backward compatiable features that won't work.  One concern that I may have is, since the external links are now formated to .xlsx, will updating the links in the master work?  

Ok thanks for the response.

You are most welcome and I was pleased to assist. I have this all working, so good luck with your links as well.
... Thinkpads_User