Comparing Lists with Conditional Formatting

Comparing lists is a fairly common task in Excel, and as with anything, there are many ways to approach it. When we compare two lists, we are essentially trying to find out which names appear in both lists, or, which names appear in only one list. Tony posted a blog comment about how to perform list comparisons with conditional formatting, and I'd like to share his tip with you now.
Written tutorial and sample file:
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