I have neither IE 7 or McAfee but it appears right now you have no choice, if you keep McAfee, except to uninstall IE 7 and revert back to IE 6.

This seems like shabby treatment of a paying customer by McAfee. Personally I would be looking to AVG Free or something else for protection... its obvious with all the notice McAfee had they have little concern for the end user of their product.

Just my opinion!