Moving of the pst-file for Hotmail accounts is not supported (this is not
limited to Outlook 2007).
Moving additional pst-files and for POP3 accounts is supported and behaves
in the same way as previous versions of Outlook.
Any reason why they disabled the feature in 2007. It is just changing the
default location of a .pst file. Why hardcode it? Why not use a
configuration? It doesn't change the functionality of the software.