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Default Maxumum No of Rows in Excel

I had read a couple of months ago that the new Excel 2007 can have up to 1
million rows. Microsoft's web site still says that. We just purchased an
upgrade to 2007 for that feature alone. We deal with large amounts of
precipitation and flow data. After bringing inour data, it looks like they
are still limited to 65,500. Am I missing something, or is Microsoft just
making things up to trick people into upgrading?
 
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