Combining =index() and =match() seems to be less computationally intensive than =vlookup() -- give it a shot.
I've had entire days spent copying formulas down 5000 rows (x20-50 cols), copy, paste-values, and repeat. Can't wait to try this out, just signed up for the beta.
Another thought -- as someone who runs windows on a VM on my mac almost purely for excel purposes, this could enable me to go 100% mac. The biggest downfall to mac's excel seems to be a computation engine that's far behind the windows version.