If you open an ods document using Excel 2007 "Open File" function, even
if you have the Sun plug-in installed, the formulae are still broken.
I have just discovered how to do it.
Ensure the Sun plug-in is installed.
In Excel 2007, click on the Add-In tab. Click on the "Import ODF
Document" icon in the Custom Toolbars section. Navigate to your ods
document.
I've just tested this and it preserves the formulae.
HTH!
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