I've searched this group, and found some discussion saying that this
cannot be done - but those are 10 year old answers.

What I want to do is create a sheet that looks like and functions like
a report by concatenating data from a different sheet. I can do the
concatenation easily - and if I needed conditional formatting, I know
how to do that - but what I want to do is have the concatenation
format some pieces of the function differently - to highlight the
title and some information that has been altered.

The formula looks like this:
=CONCATENATE(SLWInput!E3,B1,SLWInput!G3,B1,B1,SLWI nput!I3,
IF(SLWInput!K3"<none",CONCATENATE(B1,B1,"Busines s Rules",B1,SLWInput!
K3),""),
IF(SLWInput!M3"<none",CONCATENATE(B1,B1,"Authori tative
Documents",B1,SLWInput!M3),""),IF(SLWInput!
N3"<none",CONCATENATE(B1,B1,N3),""))

The most important thing would be to able to be able to bold the value
returned from "SLWInput!E3" - this wasn't possible in 1998, but is it
possible now through a function - or a user created function?