Not any longer no. I think the idea was to get people using Access to sync with SharePoint as it was a better fit in terms of data types, they are both databases after all and Excel is more for doing formulas.

However, with this addin you can still update the information in a SharePoint list from Excel 2007, which is something I guess.

http://www.microsoft.com/downloads/thankyou.aspx?familyId=25836e52-1892-4e17-ac08-5df13cfc5295&displayLang=en

The functionality is not there by default. Read the following article for more details:

http://msdn2.microsoft.com/en-us/library/bb462636(office.11).aspx