You can modify locked shapes in a protected worksheet in Excel 2007

After you create and then protect a worksheet that contains locked shapes with text in Microsoft Office Excel 2007, you can modify these locked shapes in the protected worksheet. This problem occurs when you open protected worksheets that contain locked shapes and that were created in Excel 2007 and in earlier versions of Excel.

Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.

Steps to reproduce the problem

1. Insert a shape in a worksheet in Excel 2007.
2. Format the shape.
3. Add text to the shape.
4. Right-click the shape, and then click Size and Properties.
5. On the Properties tab, click to clear the Lock Text check box, and then click OK.
6. On the Review tab, click Protect Sheet under Changes.
7. In the Protect Sheet dialog box, click OK.
8. Right-click the text in the shape, and then click either Size and Properties or Format Shape.
9. Change the formatting of the shape, and then save the changes.