It only means something important if you share your workbook with others.
Say you choose the short date option *03/14/2006.
(I use the 4 digit year in my windows setting, so excel shows me a 4 digit
year.)
If you also use 4 digit years and share the workbook with a person who uses a 2
digit year, then all the cells that are formatted that way will appear as 2
digit years on their pc--while you see 4 digit years.
That probably isn't too much of a problem. But if you use 2 digit years and
share a workbook with someone like me who likes 4 digit years, then I may have
trouble seeing your dates.
I may have to widen the column or use a smaller font. But if you've protected
the worksheet, your phone may be ringing with people yelling asking how to fix
it!