I believe in most cases there is little difference between Cells and
UsedArrea. VBA wil not go outside the used area unless data on the
worksheet at one time outside the used area that was deleted.

That is simply not true. Yes, certain Excel functions and methods won't look
outside of the UsedRange, but if you set up a loop to iterate all the cells
on the worksheet, then VB will iterate all the cell on the worksheet (after
all, how would it know you don't intend to do something with a cell
currently not in the UsedRange).. Here is your code modified to maintain a
counter (just to make sure you won't have to wait too long) and when the
counter reaches 500, it will display the counter value and the cell it is
currently at. Run this code on a blank sheet (UsedRange being nothing) and
watch the cell value that is displayed... it will be a value outside of the
UsedRange.

Sub ChangeFriendly()
Dim r As Range, Counter As Long, TextToDisplay As String
For Each r In ActiveSheet.Cells
' ************** Start Added Code **************
Counter = Counter + 1
If Counter = 500 Then
MsgBox Counter & " - " & r.Address
Exit For
End If
' ************** End Added Code **************
If r.Hyperlinks.Count 0 Then
With r.Hyperlinks(1)
TextToDisplay = .Address
End With
End If
Next
End Sub

--
Rick (MVP - Excel)