I almost never use the arrow keys, embedded or otherwise. I'm usually either using vi navigation commands, or emacs navigation commands.
Get yourself a decent editor, and you will rarely need those silly things.
Now, for excel...I find that it's keyboard support in general is quite lacking. Until they offer a way to jump from current cell to an arbitrary cell, via nothing but the keyboard, I have trouble taking them seriously from a keyboard support perspective.
Maybe that's there, and I just haven't found it. My excel use happens about once every couple of years. Office in general isn't used much, really, though excel is the most commonly used piece of it. Oh, and one note. Love me some one note.