I wanted to thank you Blade Runner for the code you posted. I was just sent a link to it and it reduced a workbook I had this problem with. I did have a question along the same lines.
A while ago I was working on a similar answer but without using the copy/paste function. I was trying to duplicate the entire workbook into a new workbook by trapping the values of each cell, including cell color, formulas, conditional formatting, etc. I finally got stuck on the validation boxes. The reason I have been pursuing this is because of the hidden baggage attached to older workbooks. This baggage is not only in the sheets but even in the modules.
In one case CTRL+Home consistently selected the wrong cell if certain worksheet function was run. We eventually had to go back to an older version that did work and modify it. At that point we stopped using save as to overwrite the existing one and did it in Explorer instead. The problem didn't come back but the other issue is the file size.
My goal was a fresh start for older workbooks, code and all. I do believe it is possible to do it. The reason I was duplicating values instead of copy/paste is that I was not sure whether this might carry the baggage over to the new workbook. My question is, do you think that this is necessary or do you think it is overkill?
Mark