What I heard (and haven't been able to confirm yet) is that there isn't any problem linking Access to Excel, it is just that the linked data is no longer updatable.
I also heard that is the case on the most current release of Access. Is anyone using it that can confirm/deny this rumor?
Yep. As of SP2 in Office XP, you can't update linked Excel sheets. Microsoft lost a patent battle with a smaller developer, and had to remove the functionality. So, if you use versions prior to that, it's still not a problem.
Adding to Andrew's comments on design, I understand that Access 2007 will have WYSIWYG report design. After some of the struggles I had to produce a decent result, that should be a good thing -- if they get it right.
Giacomo makes some good points about relationship types. Other packages out there (FileMaker among them) don't restrict you to equal or outer joins -- you can pick from greater than, less than, not equal...
As for the Help, it's getting better. Compare 2003 with 97. But I reckon the VBA help in Access is pretty good. Maybe I just got used to it. Some really prominent, well thought out, tutorials on relational design would be a good thing, though. The MS Project team have handled that pretty well -- yes, they use a Wizard, but it's easy to get to and you can always park it once you have the basics under your belt.
One pet peeve of mine is the templates. Some of them are pretty useful for what they do, but you go for a dig and think "Why did they do it like that?". Then a client trots out a monster that they cobbled together from a couple of template databases, and you have to unravel the stinking heap.
Increased capacity would be good, as would recordable macros -- second both of those suggestions.
Denis