I was writing a report the other day. The report involved filling out columns in a large spreadsheet namely Exdcel 2007. By large I mean over 250 rows. A number of questions had similar answers so a large amount of text was being repeated with small changes. I made a text note of the base text and then kept pasting the text note into different cells. When I needed to edit text, I could activate edit mode and paste the contents of the text note into a cell and then make a series of quick changes and I was ready to move on to the next question.
I do not have empirical evidence of this but I suspect I halved the time I would have taken to write that report thanks to text notes!!