We have verified the symptom you described above with MAE 1.0. Printing an Excel 5 document to a file does not get saved in the desired directory, it is saved in the PrintMonitor Documents folder. Printing the Finder window to a file also works as you described.
The "Print to a file" feature of PrintMonitor does NOT seem to work properly in MAE 1.0, since we have also verified this with other applications, like Word 6.0, which does not work as expected. This feature should be fixed with the next release of MAE.
A Software Problem Report has been submitted on this problem.
Support Information Services