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Default Excel as a development Platform? pros and cons?

Can somebody please enumerate through the pros and cons of developing an
application completely in Excel? By this I am referring to hijacking the
user interface and adding custom menus, toolbars, data validation etc etc.
I'd like your analysis to be based on a commercial grade application with
extremely complex calculations as opposed to a simple "mortgage calculator".
Thanks in advance. I am in possession of an application developed in 100%
Excel which was developed by an "Excel Purist". It is upgrade/enhancement
time and I am weighing the benefits of keeping it as is or going with a more
robust professional looking VB.Net / VB6 front end..


 
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