How to accept label under formula option in Microsoft Excel 2007

In Excel 2003, on the tools menu options command, calculation tab, there was an accept labels in formulas checkbox. Where did that feature disappear to in 2007.

I am an Office Master Instructor who teaches excel to about 2000 students per year; I'll be sure to continue to tell them how upgrading to 2007 was a huge mistake.

In fairness, the labels in formula feature was not frequently used, and when it was used it was often not used properly. This was part of the rationale for its removal. I agree that many characteristics of Office 2007 are less desirable than those of previous releases.