Array Formulas = Circular Reference Error?

I have a workbook that I am developing that contains quite a few array formulas. Everything works great, all values update normally, but Excel tells me there is a circular reference in the lower left status section.

I am using Win 7 / Office 2007. The file is saved as xls as some of my co-workers are still using XP / 2003. If I open the workbook on the Excel 2003 then I get NO warnings about circular references at all, everything works as intended.

There is only a single sheet with formulas, and I have run the formula auditing on every single cell that contains a formula - checked precedents and dependants to no avail. If I try "formula > Error Checking" - Circular references is greyed out like it can not find a problem - but the message persists in the lower left.

At this point I can not upload the workbook as it contains sensitive info, but any pointers on correcting this "issue" (if there really is one to fix)

If needed, let me see if I can cleanse the file and upload it

Just curious what I should be looking for - there are about 300 total formulas, about 100 of them being array formulas ( a list of 30 items)

The array formulas are used to calculate a weighted average and a few other things that they are well suited for. i know that performace takes a hit using these things, but they are the cleanest solution to my setup and have had good luck in the past using them with Excel 2003 - now that I am migrated over to Excel 2007 I get this message on the same workbooks that were flawless on Excel 2003

Any hint, tricks, or tips would be greatly appreciated

-Lee