I realize this is 5 years later that the posts here BUT I, too, have discovered the dreaded slowness in Excel 2010 sorting of conditional formatting! Amazingly, I have a set of nominally 46000 electric smart meters for which I have message counts over a period of 7 days but each column of meter IDs are not exactly the same. I want to find all of the meters that are common to message counts for all 7 days. What a complicated job. Tried numerous approaches using formulas and ended up with the exact same problem mentioned above. Here is an example of some execution times for what I would think would take in some seconds for only a single column sheet of 46000 rows representing different meters (i.e., 46000 values all in a single column). Doing the conditional formatting for duplicates works instantly. But, upon pressing the sort button and hitting the custom sort button, the computer goes off, indicates that Excel is no longer responding and took 12:45 before it would bring up the dialog box for the custom sort! That is 12 minutes, 45 seconds mind you. Upon clicking to start the sort, it took 10:42 to accomplish the sort! This is ridiculous, of course. When sorting the 46000 rows of data in one column without conditional formatting, the time can't be measured because it is so fast, well less than 1 second! It appears that Excel just can handle the searching that must do IF the cells are conditionally formatted.
The earlier posting here is the first place that we have found where this issue has been mentioned. Thanks to the original poster for their comments. Our results seem to indicate that the functions can perform but it takes an eternity.