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I recently had an error in a module because an expected variable was not present coming into a formula tool. My variable, "MONDAY" was not present and the formula MONDAY/3 failed. The workaround was to union all days into the incoming data and things worked fine. I would have liked to have an Excel formula like this instead:
IF ISERROR([Monday]/3) THEN 0 ELSE [Monday]/3 ENDIF
This would be really useful. It's just like the Try:Except in Python. It can be used to send specific error messages with anticipated errors, or like above, deal with a known exception without killing the workflow.