R is a dedicated statistical program. Excel, even using the built-in free Multi-Variate Data Analysis package, is very primitive. In Excel, the stat outputs are limited, like no Confidence Intervals, Prediction Interval, or Leverage calcs. It's time consuming and error prone to calc those by building a formula. You have to layout the columns just-so. If you want to transform a series to non-linear variables, like ln(x) or 1/x, you have to do it manually. It can't do step-wise regression where the computer does many many models to find the best fitting one. It can't handle missing data. It can't do cluster analysis, survival analysis, time-series models, or Logit/Probit models, where you scale probabilities between Yes/No, 0/1. You can buy some Excel visual basic add-ons but at that point you might as well use a real program.