(This issues impacts purchases made before Feb 27, ‘10)
Dang, thought I got rid of all these IE 7 blemishes, but apparently not. There is one more gremlin that needs flushing out and he lives in product.liquid Search for the word “expose” (it is about 10 lines from the bottom of the file), and remove the comma at the end of the line. It should look like this when you are done:

expose: '{{ setting.gradient_color }}’

(Thanks for bringing this to our attention Jennie!)