The bad news first - Following the tussle with Adobe, Microsoft has removed native PDF printing support and XPS export capabilities from all Office 2007 programs.
Now the good news - Microsoft today separately released a free add-on for Office 2007 that will allow users to export their Word documents or Excel Spreadsheets as PDF files without requiring a third-party PDF printing driver.
The Save as PDF addin lets you export and save to the PDF format in all Microsoft Office programs. It also allows you to send files as e-mail attachments in the PDF format.
The plugins are compatible with all Microsoft Office 2007 programs including Access, Excel, Infopath, Word, Visio, Publisher, Powerpoint and OneNote.
Download Microsoft Office 2007 Add-in: Save As PDF, Save As XPS
You can download both the PDF and XPS plugins in one installer here.
Licensing Issues: The program website says that the Microsoft Save as PDF or XPS Add-in for 2007 Microsoft Office programs supplements and is subject to the license terms for the Microsoft 2007 Office system beta software. You may not use this supplement if you do not have a license for the software.
Adobe PDF vs Microsoft XPS Format - Which is better document format ?
Update: The Microsoft Save as PDF plugin won't work with Outlook 2007 emails.