How can I change a hyperlink's default open-with behaviour in Excel?

Add a new key to the registry:

1. Go to HKEY_CLASSES_ROOT\jpegfile\CLSID
2. Right-click on (Default) and select Modify
3. Enter the value {FFE2A43C-56B9-4bf5-9A79-CC6D4285608A}

This will now change the open-with behaviour in MS Excel 2010 to use the default Windows app. Confirmed to work with Excel 2010 and Windows 7.

Surely there is a more elegant solution, though?