I installed SMath studio the other day, inspired a little by some of your opinions on it here. I'm still a bit of a Excel monkey though...
You can also do similar in Excel with named ranges, create a named range called OK or PASS or whatever you fancy, add whatever text you like in these cells for the displayed warning string. Do a similar one for NOT_OK or FAIL or whatever you like.
Then instead of having:-
=if(Mf<=Mr,"FAILS","PASS")
you can just have
=if(Mf<=Mr,NOT_OK,OK)
Your corresponding text string relating to the true/false condition will be displayed. It also has the beauty of using autocomplete while typing out formulas for the named ranges, so beats typing out similar strings all day long. As an added bonus adding conditional formatting like turning the cell red if its false is also pretty easy with a formula '=NOT_OK' as the conditional format, better than hard-coding the failure string into the conditional format.
Using this method you can change the pass/fail variable spreadsheet wide without the need to change each individual formula or conditional format that might contain text strings.
