Answered myself:
If pressing [F2] positions the cursor in the cell instead of the Formula bar, do the following:
From the Tools menu, choose Options.
Click the Edit tab.
Uncheck the Edit Directly In Cell option in the Settings area.
Click OK.
If you’re using Excel 2007, do the following:
Click the Office button and then click Excel Options (at the bottom right).
Select Advanced in the left pane.
Uncheck the Allow Editing Directly In Cell option.
Click OK.