Office 2007 does not install all features

I recently installed as an upgrade Office 2007 on a machine that already had
2003. I needed to retain the 2003 I am noticing that certain features did
not upgrade to the 2007 format, e.g., the Out of Office Assistant in 2007 in
still the old Out of Office, Scheduling Assistant is still the old
Scheduling. In Excel I am missing a couple of icons. I want to be able to use
the new features especially in the Out of Office Assistant.

Is there any way to redirect the location where Office 2007 looks? I have
done this before with other versions and had no problem. The versions are
loaded on different partitions on my hard drive.