Encountered similar (same?) problem connecting to personal geodatabases (.mdb). Layers where showing broken links and attempting to re set the data source resulted in connection error.
One workaround that worked for me is to open the geodatabase in Access prior to launching ArcGIS Desktop.
I am running: Windows 7 Enterprise SP 1, ArcGIS Desktop Ver 10.0 SP 3, Access 2010 (geodatabase in Access 2000 format)