Snarf,
According to Microsoft Help (Article ID: 214297), the news is not too good,
but a 'workaround' has been suggested. Website...
http://support.microsoft.com/kb/214297/en-us
In Microsoft Excel, when you open a workspace file, all the workbooks in the
workspace file have the following Window options settings on the View tab of
the Options dialog box:
Window options Setting
---------------------------------
Page breaks Clear
Formulas Clear
Gridlines Selected
Color Automatic
Row & column headers Selected
Outline symbols Selected
Zero values Selected
Horizontal scroll bar Selected
Vertical scroll bar Selected
Sheet tabs Selected
WORKAROUND
To work around this behavior, follow these steps: 1. Open the workspace file.
2. Close the workbook that displays the expected Window options settings.
3. Open the workbook that displays the expected Window options settings.
The workbook appears with all of the expected Window options settings
displayed, and with the size, arrangement, and position on the screen as
saved in the workspace.
MORE INFORMATION
Window options are saved in each individual workbook. If you save a workbook
with the Gridlines option cleared, when you open the workbook, the Gridlines
option remains cleared.
Workspace files save the workbooks you have open, including their size,
arrangement, and position on the screen. When you open a workspace file, all
of your workbooks appear with the same settings they had when you closed
them. However, workspace files do not save Window options settings, so the
Window options settings are displayed with the default settings listed above.
Additionally, split, frozen, or zoomed panes on a worksheet are not always
retained in a workspace file.
HTH,