If you are going to use Excel may as well use Access...I don't think Excel is useful for tracking but it can be used for reporting. Though I have been in places where people have used Excel to maintain bug reports, but its more maintenance than its worth.
You're better off with a real Open Source tool, Bugzilla is fine if you know Perl and MySQL.
100% agree, I find spreadsheets start bluring after about 40 rows and become useless. You need a tool that has some kind of SLDC methodoogy behind it so you can see where all the work is at.
<font size="2" face="Verdana, Arial, Helvetica">yeah.. ive worked in environments with a spreadsheet on a shared drive used for bug tracking. its absolutely retarded.. anyone doing this should spend the 2 hours and zero dollars required to setup a proper system.