When I create a TFS report of a query with the Excel integration features (we are using Excel 2003), Excel resets formatting of all cells after clicking the "Refresh" button in the TFS Toolbar.
Our team likes to print this report and drag it into our weekly meeting as it accurately lists all our open tasks. Bad formatting is a pain, though: Vertical alignment set to "bottom" and no borders on cells makes it nearly impossible to know when one Task/Bug starts and the other ends...