Excel 2007 : 2003/2007 Compatibility Issues (Referencing other workbooks)

I have several workbooks that were created in "Excel 2003", several of which contain references to each other. For instance, I have a big "information database" (basically a huge gathering of any and every detail pertaining to the jobs we do, such as who went, what was done, ), and then templates that other workers fill out that draw the pertinent information from the big database.

I just upgraded to 2007, but my co-workers have not. If I open the big database and save it in the 2007 format, will the workers that are still using 2003 be able to still use the separate (2003 format) templates that draw info from it? I know they themselves won't be able to open the new 2007-saved database itself, but will their 2003-saved templates still draw from the 2007 database?

For instance, in the database, I mark off that we used 50 gallons of XYZ for a certain job; a co-worker could then open a template, and if they type of the name of the job into a certain field, those 50 gallons would pop-up. If the database is saved as 2007, would it still populate the 2003 template? Or would it not recognize any of the data?

Thanks in advance.

Thanks so much.