Yes, it works for me for Word 2007.
I have a simple OLE control on a window and this script:
string s="d:\Dok1.docx"
ole_1.displayname=s
ole_1.LinkTo(s)
ole_1.activate(offsite!)
ole_1.object.saveas("d:\Dok2.docx")
The SaveAs2 method is new since Word 2010. So you should use this instead of SaveAs.
The use of ole_1.object.Application.ActiveDocument is not neccessary because your OLE control already contains the document.