I would not expect there to be a row limitation on the size of an array that can be sucked into memory, but there may certainly be a limitation of absolute array size, and the transpose operation transiently doubles the memory demand (I think; DO, Colin?).
The code could be modified to avoid that, and could be modified to use a Location list on one sheet and multiple keyword lists on other sheets (the names of those lists seems reversed to me).
If you want to put the full Monty on box.net and post a link I'll look at it.
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