New application: import Firefox favorites and feeds into IE7
Found at The Hive, an online forum of which IE-VISTA is a Featured Sponsor.
Still a work in progress, and worth keeping an eye on. Unfortunately the only download on the site at time of writing is in RAR format, meaning you will need a special programme to access it. RAR is not a format that is natively supported in Windows.
Edit (22.42 GMT+8): The file is now apparently available for download in Zip format