WinFuture reports on a German version of Internet Explorer 7 - Build 5347, which they have privately obtained. Apparently, the build is only translated in parts so far and features a few noticeable changes since the recently released build 5335.
These changes include an improved phishing filter, and improved RSS feed reading. A few minor UI changes are also noticeable. Several screenshots of the new build are available at WinFuture.