I came across this when trying to save as site as a template the other day - the option didn't exist. Beware - one of those nice quirks!
http://blogs.technet.com/stefan_gossner/archive/2007/09/19/save-site-as-template-option-and-the-publishing-feature.aspx
This is also relevant: http://support.microsoft.com/kb/925189/en-us
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