Compressing Images

Okay, I've been working on Excel for years. I really know how to do what I'm trying to do, but I think I'm missing something.

In excel 2003, to compress all the images within a workbook, you just double clicked the image, chose compress, and voila! you had it taken care of.

In 2007, they changed it up a bit. I have selected an image, gone to the Picture Tools-->Format-->Adjust-->Compress Pictures tool. Since I am trying to compress ALL images within the workbook, I am leaving the box "Apply to selected pictures only" unchecked. I choose the smallest option in the Options menu and then click "ok". Guess what...No change.

If I select EVERY image and then I DO check the "Apply to selected pictures only" box, then the compression actually takes place. Am I missing something? I am having to find an old computer every time I need to size a file down and its getting kind of ridiculous.

Damn Microsoft. Why'd they have to change a good thing and make it no better? Someone please make me eat my words.

Doing a little web search finds This link
Does this help? I do know that the .xlsx format of the 2007 and 2010 excel files gives a much smaller filesize. I believe they are actually zipped files to save space. There was a Mr Excel demo where he renamed an .xlsx to .zip and looked at each part of it. That was cool.