Excel 07 compatability checker

[Dave F]

I have a workbook created in Excel 07, which uses a bunch of functions
new to XL 07 (IFERROR, etc.) When I try to save it in XL 03 format,
the compatibility checker pops up and tells me that these functions
will return the #NAME! error in prior XL versions.

All well and good; these problems are easily solved. But there seems
to be a limit to the number of instances of these functions that the
compatibility checker catches, around 500 or so. I'm dealing with a
very large workbook, with thousands of formulas. Does anyone know of
any documentation on the compatibility checker and its limitations?

Thanks,

Dave