Queries. Excel isn't a database but a lot of people use it like one anyways.
You can do a lot of stuff that overlaps with queries with just array formulas, and a lot of the rest with pivot tables. For example, getting the sum bill of every person who lives in England looks like this in one workbook I have: {SUM(IF($C1:$C$10000 = "England",$E$1:$E10000,0))} (If I want to see, say, the top 10 outstanding bills in England I have to use a pivot table). Excels biggest problem is that the workbooks…
This is true, you can do a lot with this. And if you're prepared to make a lot of columns with the various flags you need, you can build up quite complex queries - having an easy way to do this would be nice though.
I've spent a lot of time in Financial Services and it's surprising how much of the industry is run on spreadsheets, especially investment banking - and I mean online - they'll have Excel running all day, receiving real time price feeds, running a calculation and republishing. Excel is pretty much the glue that holds the whole industry together.
So I also agree on the maintenance issue - These sheets can get quite complex and it's almost impossible for someone to understand coming in cold. It would be very useful to have a workflow model on top - which I guess is really adding the algorithm aspect - but I've never seen a speadsheet metaphor that does this well.