This release has numerous new features and bug fixes, and one of those new features is the Excel rendering/transformation extension!
I teased this back in June with the posting of the press release. Unfortunately shortly after that announcement we discovered a flaw in the way we created the Excel file for users which made many reports look bad. The team has taken a month to redo the generator and we now have a beta version of the Excel extension.
This release concentrates on allowing you to take a report and turn it into an excel spreadsheet.
The next major release of Excel will allow developers or report authors to create their own templates and have the report engine fill in the data. It will support the ability to bind charts, pivot tables/charts, and use other Excel features to the data in the report. So business analysts can take the quarterly sales report, and play with the numbers in Excel to find out what the sales goals for the next quarter should be without having to create charts each time they export the data.