Hi Audiodrome,
Looks like this feature is working after all. I'm still learning Nero 7.
The Peak file is being generated when you first open an Audio file for the first time. If the file has been opened once before, a peak file was already generated and did not have to be recreated.
And the .WPK file is now saved as a pf******.TMP, for example one would be called pf2233458976.tmp
Regards,
Craig