I discovered the exact problem but I want to up-vote you all for trying to help me figure this out, and give GSerg the credit because, while I wasn't completely out of luck, he was dead on with his suggestion that
Excel does like to make certain properties of a range unavailable during certain stages of calcualtion.
Good find GSerg.
The problem was with Event Handlers. The workbook contains a series of event handlers like Workbook_Open, Worksheet_Change, etc. Every now and then, one of the actions taken by these event handlers will cause some cells in the workbook to recalculate. If excel triggers a recalculation while a macro is running, any cells containing this UDF will result in an error. This is because for some reason, during the VBA triggered recalculation, the .HasFormula property was unavailable, just like @GSerg said:
Presumably - the next bit is an oversight on Excel's part, but once the macro is done running, if a recalculation has been done, resulting in errors because UDFs didn't run properly, excel will not try to run the UDFs again. The resulting error value will be assumed to be the return value of the call, and will not change unless it thinks the parameter to that UDF has changed. Excel will cache the result of the User Defined Function call until the cell its parameter references is changed.
That is why stepping through 'Evaluate Formula' will show everything working until the very last step, where it doesn't actually evaluate the last step, it just shows the value from the spreadsheet as was last calculated.
Solution
There were actually two possible solutions. The first solution I found was to disable automatic calculation at the beginning the Event Handlers, and re-enable it afterwards. For some reason, even though a macro is running at the time calculation is set back to xlCalculationAutomatic, it will cause the UDFs to be successfully re-evaluated, and the property is available.
The second solution, which I prefer because it prevents this from accidentally ever happening again, is to use a different method to check for a formula:
Function CellIsFormula(ByRef rng As Range) As Boolean
CellIsFormula = Left(rng(1).Formula, 1) = "="
End Function
The .Formula property is never unavailable. So this problem never occurs.
Best Answer
I had this exact problem and the following worked for me.
1.Click the Microsoft Office Button, and then click Excel Options
2.Click the Add-Ins category
3.In the Manage box, click COM Add-ins, and then click Go.
4.Look for an add in called 'Load Test Report AddIn' then uncheck it
5.restart excel
This addin is installed with VS2010 Beta2