There are a couple of new problems that we are seeing on some machines after installing MS11-072: an issue with links and a problem saving files that are opened off a network.
Problem 1 - Links contain duplicate folders
We are seeing reports that after installing MS11-072 (http://support.microsoft.com/default.aspx?scid=kb;EN-US;2553073) links are broken in Excel 2007. On some machines with patch installed you may see duplicate folders in the URL in the 'Location' section of the edit links dialog. The red box in the picture below shows where the hyperlink location contains two of the same folder name in the URL. That's the problem - the names weren't duplicated before the security update was installed.
While this is a known issue, at this time there is no fix for the problem and the only workaround is to manually fix the link. Again, Microsoft is aware of the issue and we are awaiting word on a hotfix. As soon as a fix is made available this blog post will be updated.
Problem 2 - Error saving file opened from a network
We are also seeing a secondary issue appear after installing this security update. Users are seeing an error after opening an Excel file from a network share and then trying to save that file. The error is "The file <name of file> may have been changed by another user since you last saved it." You are then asked if you want to save a copy or overwrite the changes.
This problem can be resolved by installing the Excel 2007 update in http://support.microsoft.com/kb/2598032/EN-US.