[vba] What is the function of FormulaR1C1?

I find the most valuable feature of .FormulaR1C1 is sheer speed. Versus eg a couple of very large loops filling some data into a sheet, If you can convert what you are doing into a .FormulaR1C1 form. Then a single operation eg myrange.FormulaR1C1 = "my particular formuala" is blindingly fast (can be a thousand times faster). No looping and counting - just fill the range at high speed.