If you ultimately want to print it out you can go to Rich Text (.rtf) or possibly HTML (.htm) which would better preserve the formatting but still won't be perfect. If you want to analyze the data with Excel, then formatting and coloring shouldn't be important and you should just dump the data. Also, there are .pdf plugins which will send the report to an .pdf file which retain most if not all the formatting.
I don't think the export report to Excel exists or if it does, it does a poor job. When I want to export to Excel, I create an Excel template that does all the necessary formatting and then open it and fill it with data and run a formatting macro if necessary.
The problem with exporting to Excel is that using the pre-defined method, you don't have the same color palette. (At least, not automatically.) Excel uses a 64-color palette even though it is possible to use the full 24-bit (16-million) color specifications. The automatic export features probably won't use quite that variety of colors, and the formatting might be susceptible to formatting conversions. Exporting the elements via an Excel Application Object would give you absolute control over format and content but would be incredibly tedious to manage.