Hi flagworld
I'll bet you are launching SA with a user ID that doesn't have the box "Edit SF Export" checked off. Try checking it off (under File | User Setup), and you will see the Excel button reappear.
Please do us a favor and if I'm right, apologize about calling this version awful. Unless you want to tell us what else you think is awful.
Also, this "new" version of SA has been out for almost a year. Have you really been stewing over this defect for that long?
Steve