* Excel really has two major ways of performing computations on data - formulas within the grid and actions upon the grid. Despite the utility of the formula based dataflow model, there are too many operations that have to be performed as one-shot operations via commands (or scripted via VBA). Having formula based approaches for sorting, dividing into bins, etc. would be very useful.
* It'd be nice if Excel cells could contain values other than scalars. (Arrays, tuples, lists, maps, matrices, complex numbers, etc.)
* VBA can be used to define custom functions, but there's a lot of marshalling overhead going to VBA and the programming model is slightly different. It'd be nice to fix both of those issues.
* There's no way to locally bind names within a cell formula, so often subexpressions have to be duplicated. (And I believe they're doubly evaluated too.)