As discussed on Quicken forums, I’ve tried it myself that Quicken 2007 does not have support for importing Microsoft Money data at all (I have Money 2004 Deluxe which I recently upgraded to Money 2007 Home & Business).
There is still a possibility that I’ll be able to get Quicken 2007 working with my financial data somehow, using the (supposedly) only option: Install previous version of Quicken, convert Money data into it, then upgrade to Quicken 2007. Very cumbersome, but it’s officially said by a Quicken employee that Quicken 2007 won’t support importing data from Money. I guess money (from Microsoft converts) really isn’t an incentive for Quicken employees. 
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