I have a report that has ~1k columns and ~17k rows and I'm trying to render it to Excel 2007 with SSRS 2008 R2 Nov CTP.
SSRS team members have mentioned in multiple places that Excel 2007 format is included in 2008 R2, for instance:
Now, it's certainly possible that it just hasn't made it into the product yet (at least as of Nov CTP), and if that's the case, that would be good to know, too (and ideally when it would be in the product).
The repro report and data (along with attempts showing the existing interface still does Excel 2003 format) are attached to the bottom of this blog post, FWIW: