I'm encountering IE browser errors in several client environments with version 7.0.2 - IE 11 and IE 8 are two of the browsers I've tested with. The issue is that none of the links or drop-down menus function. 
The only workaround I have found thus far is to open Developer Tools (F12) and change the Rendering Mode from 5 to 10.
Has anyone else experienced this issue with IE? Is this a product issue as I have seen it only in 7.0.2 and not before?
Thanks!
I just upgraded to 7.0.2 in our DEV environment and having the same issue. I haven't tried the Rendering thing but I really don't want to ask our organization to upgrade +50,000 machines. It's a Microsoft world in corporate america so I am surprised this is not better supported.
Is your browser profile set to Enterprise? If yes, can you try to change to Desktop and see if it resolves the issue?
(screenshot below)
No, it is not.
Boris, my browser did not have an Enterprise mode but I was able to find a solution in IE 11 by un-checking the Display intranet sites in Compatibility View box in the Compatibility Settings:
Hmm, not working for me.
If it is rendering in Document Mode 5, it is trying to use Compatibility Mode. In IE, make sure the URL for the application is not listed in the Compatibility Mode settings.
If it is rendering in Document Mode 5, it is trying to use Compatibility Mode. In IE, make sure the URL for the application is not listed in the Compatibility Mode settings.