It's fine if you want to keep a small budget or a quick bit of work with numbers, but it's awful for dealing even modest amounts of data and here's why:
Nothing you do is captured and everything is destructive.
Any time someone edits their spreadsheet they are irreparably altering the data without real documentation. Excel encourages moving, shaping, dragging, and futzing that may be easier, but ultimately can cause major problems because there's no audit trail. Ever try and replicate something modestly sophisticated that was done in Excel? Good freaking luck.
There's nothing wrong with Excel for some basic graphs and calculations. The problem is when people start to use Excel as a data base or as a serious tool for analytics (like some of those business folks).