Nice one Rick.

Doesn't the idea that UsedRange is flawed come from our notion of a literal meaning of the word UsedRange? From what I gather, a UsedRange is that range of an excel sheet for which Excel has some information. In your example, the cells got colored. And then it gets removed by your action of selecting 'No Fill'. The point to remember is that you have performed an action on it, and Excel is tracking that action. If you do an
Code:
ActiveSheet.UsedRange.Address
yes it will return the entire range, contrary to our expectation. Fair enough. But instead of selection 'No Fill', try doing an 'Undo'. And then check the address. You would find that Excel is actually showing a correct reference. So my take is that we tend to think that it is a bug because of our 'idea' of a UsedRange.