Richard,
Frank Kabel stated that your formula is only completely robust starting with Excel 2003. He adds that in previous versions you have to be sure what the data range (in our example A1:A10) is completely within the used range of your spreadsheet. Otherwise this formula returns #DIV/0. You can check this in a new/fresh workbook by simply entering this formula. To prevent this bug use [the other formula] instead.
He's certainly right for XL97.