The best things about xLookup: 1) it fixes some of the limitations of vLookup, 2) it is easy to understand and use, and 3) it replaces hLookup also.
Also, vLookup and hLookup are not going anyway, so if any of your colleagues struggle to learn new things, they can continue to use them as is.
See the Microsoft blog post here, which provides an easy animation on how it works. xLookup should be rolling out in the next couple of weeks.
Kind of surprised they didn’t name this iLookup; they probably wanted a letter that is later in the alphabet (x) to show the progress.
Oh, one other thing. ..Who uses hLookup? I never have.
Check out the Excel Basic Data Analytics series.