All references in the workbook are to the same workbook, just different sheets.
When I look at Edit/Links there are several but they are all inside the
workbook. This is why I thought maybe the links weren't being updated.

I got the information about .value vs .formula from
http://www.ozgrid.com/forum/showthread.php?t=86436
The default property for a RANGES
\r\nNamed Ranges. SheetLevel Named Range, Named Constants, Named Formulas
,Relative Named Ranges ,Dynamic Named Ranges ,Advanced Dynamic Named Ranges .
\r\nWorking With Ranges. FindLast cell/row/column etc.
\r\nFormula Reference Changer. Absolute to Relative etc.
\r\nSpecialCells Method
\r\nExcel Named Range Manager $
\r\n
---------------------------------
OFFSET RANGES VBA
\r\nReturns a Range object that represents a range that’s offset from the
specified range. Read-only.
\r\nexpression.Offset(RowOffset, ColumnOffset)
\r\n\"expression\" is required and should be a Range object.
\r\n
\r\nRowOffset: Optional Variant. The number of rows (positive, negative, or 0
(zero)) by which the range is to be offset. Positive values are offset downward,
and negative values are offset upward. The default value is 0.
\r\n
\r\nColumnOffset: Optional Variant. The number of columns (positive, negative,
or 0 (zero)) by which the range is to be offset. Positive values are offset to
the right, and negative values are offset to the left. The default value is 0.
\r\n
\r\nExample
\r\nSub OffsetMe()
\r\n MsgBox Range(\"B2\").Offset(RowOffset:=-1, ColumnOffset:=2).Address
\r\nEnd Sub
\r\nIs the SAME as;
\r\nSub OffsetMe()
\r\n MsgBox Range(\"B2\").Offset(-1,2).Address
\r\nEnd Sub
\r\n
---------------------------------
OFFSET FORMULA
\r\nReturns a reference to a range that is a specified number of rows and
columns from a cell  or range of cells. The reference that is returned can be a
single cell or a range of cells. You can specify the number of rows and the
number of columns to be returned.Syntax =
OFFSET(reference,rows,cols,height,width)
\r\n
\r\nExamples
\r\n=OFFSET(C3,2,3,1,1) Displays the value in cell F5.
\r\n=OFFSET(C3:E5,0,-3,3,3) Returns an error, because the reference is not
valid.", "style=\"background: #FFFFFF;padding: 2px;font-size: 10px;width:
550px;\"");' style="FONT-STYLE: italic" onmouseout=GAL_hidepopup();
href="www.ozgrid.com/.../autolink.php"\
>range is .Value
This line  is entering the FORMULAS/FUNCTIONS
\r\nTIP: To show all formulas use Ctrl+;
\r\nMicrosoft Excel Formulas, Tip, Tricks and Feature Examples
\r\nStop formula  Viewing
\r\nExamples of Commonly Used Formulas
\r\nList & Examples of All Formulas
\r\nExcel Formula Manager $
\r\n
\r\nNESTED IF LIMITATION
\r\nNested IF Limitation Work-around. Preferred Method
\r\nNested IF Limitation Work-around 2
\r\n
\r\nCUSTOM FORMULAS/FUNCTIONS UDFs
\r\nCustom Functions", "style=\"background: #FFFFFF;padding: 2px;font-size:
10px;width: 550px;\"");' style="FONT-STYLE: italic" onmouseout=GAL_hidepopup();
href="www.ozgrid.com/.../autolink.php\
">formula as a cell's value rather than a formula, which gives uncertain
results.