Yeppers, you open Works, then open the Excel file as if you are using Excel. The end products look basically the same - Excel looking more 'bubbly' as my brother says and Works looking basic in nature. Best I can describe it. BUT, remember, I haven't worked with WORKS, not nearly as much as I have with Excel.
I have both... hardly EVER open the suite... I mostly use Word, Excel, PowerPoint and Publisher.