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Selecting the Insert tab fills the width of the Excel 2007 Ribbon with icons whose tools and functions insert objects into worksheets.
One type of object is called SmartArt, which is new to Excel 2007. SmartArt is like an evolved version of the Shapes you can illustrate Word and Excel documents with. Use the SmartArt Picture Caption List, for example, as a storyboard to depict a narration.

The command groups Tables, Illustrations, Charts, Links, and Text hold other objects you an insert in worksheets.
With the Pivot Tables (in the Tables command group) you can quickly arrange lists and tables. Try out Pivot Tables with the following example.
In a worksheet, enter the data shown in the table at left in this graphic:

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Select the table and then choose Pivot Table>Pivot Table on the Insert tab's Table command group. In the Create Pivot Table dialog box, leave all options as they first appear, except for Existing worksheet. Choose that option, then select any blank cell in the worksheet. In the Pivot Table Field List that appears, select the Room and Total Tips checkboxes. The Pivot Table is created, displaying how many tips were collected, by serving room. You can easily reconfigure this table to display other data, by clicking the pivot table and changing which of the table's fields are checked. Learn more about using Pivot Tables here:
Making and Using Pivot Tables in Excel