>> You can tell Excel to add a label to each data-point, but it seems to 
>> want to convert each Y value to a number before displaying it (so text 
>> all comes out as zero).
>
> Exactly.
>
> If you have the dates as the Y axis, it works for some reason, but if you 
> try to set it as the X axis... it fails.

Yeh it seems to work easily the other way, this is because on the X axis the 
graph can take a list of non-numerical data, or numerical values.  For the Y 
axis you must have numerical values, a list of text won't work.

You can always just do it the other way round and then rotate 90 degrees :-)

I suspect MS deliberately left it like this so you'd have to buy MS 
Project...

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