Pre-2007 Excel was limited to only 3 conditions. The new Office is more generous and versatile.
Here are some of the features:
Format all cells based on their values
Use this to create a data bar, 2-color or 3-color color scale, or icon set rule.
Format only cells that contain:
Use this to create the Excel 2003-style rules and more (format cells greater than, less than, greater than or equal to, less than or equal to, equal to, not equal to, between, not between). This is also the entry point to create rules of type: specific text, date occurring, blanks, non-blanks, errors, non-errors.
Format only top or bottom ranked values:
Use this to create top n, top n%, bottom n, bottom n% rule types.
Format only values that are above or below average:
Use this to create above average, below average, 1 or 2 or 3 standard deviation above, or 1 or 2 or 3 standard deviation below rule types.
Format only unique or duplicate values:
Use this to create rules that format unique or duplicate values.
Use a formula to determine which cells to format:
Use this to create Excel 2003-style rules where you can enter a formula to determine whether a format should be applied.