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!
Today I was prompted via the auto-update program, to update my McAfee virus software. I ran the update and it failed. Not only did it fail, but it removed the previously installed version of the virus protection software leaving me without protection. I re-booted and tried the install again. No luck. I contacted McAfee support and after several minutes of questions, they asked which browser I was using. I told IE 7, which I upgraded to yesterday. McAfee told me that IE 7 was not yet supported. So now I'm left without the virus protection that I paid for. Their only advice was to uninstall IE... right.
I wish their auto-update program would have checked for compatibility first. It's not like the release of IE 7 should have surprised anyone. I just don't understand how they failed to get in front of something like this, if in fact it is an issue. IE is so widely used and obviously any virus protection software must communicate with the browser.
Anyone else run into this problem?