Let's try to unravel something here.
Access 2007 supports TWO types of databases. The "traditional" .MDB file that has been around since Access 2.0 is an Access database application. The newer .ACCDB file type is a project file for which user-level security no longer exists. The MyAces table is "My Access Control Entries" table, which is where user-level security USED to exist.
Had the database been converted to a .MDB type, you would have been able to open it and might even still have user-level security. But as an .ACCDB type, you do not by default have the "Windows Association" that links file type .ACCDB to MS Access. Installing AC2k7 establishes all required associations when it registers itself (in the Registry, of course.) The icon you showed us is the "default" Windows icon for a file for which it doesn't have an association. It is the "I don't know what this is" type of icon.
When you get to Ac2K7, you need to "roll your own" security rules. It is possible but highly tedious. You have to start looking at "GotFocus" code and "LostFocus" code as places to dynamically enable or disable controls. You have to block out any chance of a user breaking through a startup form to get to the underlying database window and content. You have to use a lot of event code (based on button click events) to verify that users aren't doing things they shouldn't do.
I'm going through that right now. I built a prototype form with a lot of that crud already in it. Then I just copy the prototype and populated it with controls for the appropriate recordsources and rowsources, etc. Not for the faint of heart, true, but still eminently possible.
When you lose the MyAces table, you will potentially lose a lot of metadata about your database. That conversion will be more difficult than it otherwise might have been because of what else would reference MyAces implicitly.