This policy setting controls whether Excel 2007 loads graphics when opening Web pages that were not created in Excel.
If you enable this policy setting, Excel 2007 loads any graphics that are included in the pages, regardless of whether they were originally created in Excel. Users will not be able to change this configuration through the user interface.
If you disable this policy setting, Excel 2007 will not load any pictures from Web pages that were not created in Excel.
If you do not configure this policy setting, the behavior of Excel 2007 is the equivalent of being Enabled; however, users can change this behavior through the user interface by selecting the "Load pictures from Web pages not created in Excel" option under Excel Options | Advanced | Web Options dialog box | General tab | Compatibility.