Hi Mike ,
The text formats for the dates will work as long as the date formats and the text formats are identical , either mm/dd/yyyy or dd/mm/yyyy. If your computer has a date format of dd/mm/yyyy , and you specify the dates as "27/12/2011" , "16/1/2012" , it'll work.
If your computer has a date format of mm/dd/yyyy , and you specify the dates as "27/12/2011" , "16/1/2012" , it will not work. If you now change these text formats to "12/27/2011" , "1/16/2012" it'll work.
Using the DATE function will always work.
Narayan