Medicare Equity and Fairness in Fee-for-Service Reimbursement Act of 2007 - Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to establish a system for making adjustments to the amount of payment made to providers of services and health care professionals for services provided under the original Medicare fee-for-service program, with specified formulae for states whose average per beneficiary amount is: (1) greater than 100% of the national average; or (2) less than 100% of the national average. Provides for a three year phase-in of such rates.