Yes, it is true. Microsoft removed the Office Shortcut Bar (OSB) from Office 2003.

BUT all is not lost.

There are several free 3rd party alternatives available, and you can install the OSB from a previous version of Office, but for those for those who would rather not install additional software and utilize toolbar functionally already available in Windows then read on!

A Windows toolbar may fit your needs perfectly. I have found a Windows toolbar has more functionality than the OSB, plus it's much easier to customize.
Creating a Windows Toolbar
Create a new folder with shortcuts to your applications or shortcuts to folders you commonly use.

If you are already using the OSB you will find Office application shortcuts under \Shortcut Bar\Office in the Office installation path. You can use this folder or copy/move the shortcuts to another folder.

IMPORTANT: Only create shortcuts in the folder - do not move folders or applications!
Right-click an empty area the Windows task bar and select Toolbars | New toolbar…

If you can not find an empty area, use the area to the right of the Windows Start button.
Select the Browse command, navigate to your shortcuts folder and click OK.

You will see your new toolbar appear in the Windows task bar.
Minimize all windows, or click the Show Desktop command in the Quick Launch bar.

Drag your new toolbar off the Windows task bar. You can drag it to an edge of your screen if you want your new toolbar docked.

Resize the toolbar if necessary so all shortcuts display on a single row:

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