Hi, I'd like to share my experience which is a bit different from other shared on this thread.
I switched from Windows XP to Lion on my PC.
The Mac Office was unable to open my Excel accounting spreadsheet correctly because of problem with date formats.
So apart from being ridiculously slow MS on Mac could not leave the sheet in Win compatible form.
What I did was to create a VHD image of my Win system and loaded it on Lion via VirtualBox in Seamless mode.
Now apart from Dock on a rigth side of screen I have Windows Start strip on a bottom.
The Excel still was twice as slow.
I upgraded my CPU to 4 core one from 2 cores to have 2 dedicated cores for VirtualBox. Still too slow.
Then I stumbled on this thread and switched to Manual in Excel Options \ Formulas \ Workbook Calculation and disabled Enable background error cheking on same tab.
Now my complex lookup formulas respond instantly.