If the cell does actually contain a formula (a formula starts with the =
character), not a number or text, then the formula length limit applies.
I couldn't find formula length limit in the Limits and Specifications part
of Help, but it was 1024 characters in Excel 2000.
Same for Excel 2003...
http://office.microsoft.com/en-us/ex...992911033.aspx
See under the "Calculation Specifications" section.
Rick