That is a loaded question... it depends on the formula... in most cases, it will work the same... If you have a simple formula in A1 "=A2" and A2 is Empty (nothing in it at all) then A1 will actually show a 0 and so will the result of the formula... if Cell A2 had a space in it, A1 would have a space, and the trim would work and you would get the result of C1...
Hope that isn't too confusing...