If you are only isolating for an error then this should do
=if(iserror(d3),"bark","bite")
However it will show "bark" for all instances of error like #N/A, #Div

"Jim J." <JimJ@discussions.microsoft.com> wrote in message
news:B1F9F2B8-B5BC-44CA-8C94-5C1C71E6C600@microsoft.com...
> Is there some way to get #VALUE! recognized as one of the conditions of an
> IF
> function argument? For example, if D3 shows #VALUE! (as the result of a
> "value error"), then one could ask, =IF(D3=#VALUE!,"bark","bite") or
> possibly
> =IF(D3="#VALUE!","bark","bite"), and the result would be "bark" (since D3
> really does equal "#VALUE!").