I opened the file without problem in Excel 2010. I'm using 32-bit Excel 2010 on 32-bit Windows 7 though. My guess is this problem relates to the fact that you're using Excel 2010 64-bit and Excel 2007 32-bit. (There isn't a 64-bit version of Excel 2007).

If you are using 64-bit Office 2010 (double check this by going File > Help), the first thing to do is ensure that your code transfers and runs well between the two versions when it is not obfuscated. From there, the best suggestion I can make is that you approach the vendor (crunchcode) of the obfuscator you're using. You've paid them money to use their software so they should be able to advise and support you on why this is happening. I looked on their website and one of the FAQ they answer is the situation where large portions of code, particularly constants, are not loaded - so they are familiar with this sort of problem.

You guys must be putting together something pretty special to make it worth your while to obfuscate your VBA code. At the conclusion of your project I'd be very interested to hear how you've found the whole experience (this issue aside), since I've never done it myself.