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What's the difference: SF Reports For Excel vs. VB Toolkit ?

Can anyone speak to the differences between the two ?

Dos the newer Reports For Excel expose the library of functions to permit automation via VBA ?

Or is it best to use the Toolkit for that ?

Also, does one really need to have Sharepoint 2007 installed in order to run the Toolkit ?

That does not appear to be a requirement for the SF Reports For Excel addin.