There absolutely are limitations to using nested IF functions for complex conditional checks in Excel. While Excel boasts a nesting limit of 64 IFs, exceeding a handful is generally discouraged due to several drawbacks:

* Formula Explosion: Intricate formulas with many nested IFs can become monstrously difficult to manage and maintain. Imagine troubleshooting a deeply nested logic structure - it's error-prone and time-consuming.

* Readability Abyss: As nesting increases, formulas quickly descend into an abyss of cryptic code. Anyone glancing at your spreadsheet, including yourself in the future, might need a decoder ring to decipher the logic. This can become a major roadblock for collaboration and future modifications.

* Smarter Alternatives: Fortunately, Excel offers a toolbox of functions specifically designed for complex conditional statements. These can often replace nightmarish nested IFs with cleaner and more efficient solutions:

* LOOKUP Functions (VLOOKUP, XLOOKUP): These functions excel (pun intended) at intricate conditional lookups within your data. They can handle situations that would require a labyrinth of IFs in a more streamlined manner.

* SWITCH Function (Excel 2016 and Later): This handy function offers a more readable way to evaluate multiple conditions and return corresponding values. It essentially presents a series of "cases" to check, making your formula much more intuitive.

* Boolean Logic (AND, OR, NOT): By mastering these logical operators, you can construct elegant formulas that combine conditions without resorting to excessive nesting. AND requires all conditions to be true, while OR only needs one to be true, and NOT flips the condition.

Remember, the 64-level nesting limit is a technicality. If your IF formula starts resembling a hedge maze, it's a clear sign to explore alternative approaches. By leveraging Excel's built-in capabilities, you can achieve the same results with formulas that are easier to understand, maintain, and troubleshoot in the long run.