When should the xlsm or xlsb formats be used?

Question

Since Excel 2007, Microsoft has split the classical .xls format to several formats (in particular, .xlsx, .xlsm, .xlsb).

Answer 1

One could think that xlsb has only advantages over xlsm. The fact that xlsm is XML-based and xlsb is binary is that when workbook corruption occurs, you have better chances to repair a xlsm than a xlsb.