In Excel 2010, the MODE function has been replaced by two new functions, MODE.MULT and MODE.SNGL, which return better results. Read an article or try Office 2010! 
Let's say you want to find out the most common number of bird species sighted in a sample of bird counts at a critical wetland over a 30year time period, or you want to find out the most frequently occurring number of phone calls at a telephone support center during offpeak hours. To calculate the mode of a group of numbers, use the MODE function.
The MODE function measures central tendency, which is the location of the center of a group of numbers in a statistical distribution. The three most common measures of central tendency are:
 Average which is the arithmetic mean, and is calculated by adding a group of numbers and then dividing by the count of those numbers. For example, the average of 2, 3, 3, 5, 7, and 10 is 30 divided by 6, which is 5.
 Median which is the middle number of a group of numbers; that is, half the numbers have values that are greater than the median, and half the numbers have values that are less than the median. For example, the median of 2, 3, 3, 5, 7, and 10 is 4.
 Mode which is the most frequently occurring number in a group of numbers. For example, the mode of 2, 3, 3, 5, 7, and 10 is 3.
For a symmetrical distribution of a group of numbers, these three measures of central tendency are all the same. For a skewed distribution of a group of numbers, they can be different.
Example
The example may be easier to understand if you copy it to a blank worksheet.
How to copy an example
 Create a blank workbook or worksheet.
 Select the example in the Help topic.
Note Do not select the row or column headers.
Selecting an example from Help
 Press CTRL+C.
 In the worksheet, select cell A1, and press CTRL+V.
 To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Tools menu, point to Formula Auditing, and then click Formula Auditing Mode.

A 
Data 
10 
7 
9 
7 
0 
4 
Formula 
Description (Result) 
=MODE(A2:A7) 
Mode of numbers in list above (7) 

Function details
MODE