When importing from Microsoft Excel into SQL Server (2000) I get the following error message: "The product level is insufficient for component".
Turns out this is a bug when running Management Studio without SSIS (SQL Server Integration Services) installed. See this forum thread for more information. This will be fixed in Service Pack 1.
I know Microsoft has done comprehensive tests with SQL Server 2005, but it's really strange that such an important feature for developers as import/export has not been tested from a workstation.