Jekadu: Seems a bit dangerous to mix methods that do the same thing. That's just me, though - I never bothered learning how to use V/HLOOKUP. (It's been quite a while since I last used Excel.)
V/HLOOKUP as i recall demands that the data is in sorted order. You can specify the data in ascending or descending order. Being sorted means it's probably very fast, whereas just finding/matching might do a full manual search rather than a binary search.
As for exact matching, there's an option somewhere that if there isn't an exact match that you can have it round, ceiling or floor to the proper answer. So say... You have a list of primes and you enter 10, it would go to the next prime in the list, which then returns 11. Doing an exact match would probably return an error or empty result. But that's a weak example, it would probably be stuff like dates and model numbers and stuff...
Usually i just look at the calling convention and it tells you everything you need to know about it. I rarely memorize Excel commands (
i don't use it enough in my off time)