I would like to format a cell based on the content or formatting of another cell. This would become even more useful if I could apply the same formula to another cell and have the relational cell references remain the same.

Example: If $A1 contains "X", then I would like B1 to be filled red. I should be able to drag the formatting down the column so that all boxes in column B are formatted based on the content of their adjacent A cell.

I did my wedding invitation checklist this way using another online spreadsheet application and it was beautiful! I'd love to be able to do this with work matters since my company is a close friend to Microsoft!