In earlier versions the "Too Many Formatts" Error had been a big problem, at least with some of our spreadsheets. Often this preceeded a totally corrupted workbook. This was so bad I had a procedure to go through a workbook and transfer all the data values only to a new workbook and delete the original to avoid it. I don't think the problem was from too many formats just a bug in the application. That was in Excel 5/7. Guess I'm giving away my age
I hope your problem is not that bad. If you are seeing this error, you should keep an up-to-date backup just incase. If you can not find the cause of problem, re-creating the workbook by copying then 'pasting values' to a new fresh workbook should eliminate it as a final resort.