There were huge discussions about IE7 being better at supporting web standards, but it didn’t mean microsoft finished implementing support for the primary web standard: HTML.
IE7 doesn’t support all of the elements (“element” meaning “a fundamental or essential constituent of a composite entity”). It leaves out the Q element for short inline quotations.
How can any talk of support for web standards begin until the HTML standard is supported.
If it had been implemented, that would mean you’d see a Google Quotes function for searching for quotations.
Personally, I just code to spec and feel sorry for IE users who aren’t getting the proper web.