I'm sorry to take so long to reply, but I wanted to verify your observation and fully test before engaging the engineering team.
You are correct. SmartOffice 2 does not handle links between sheets in a workbook. The links are preserved if a file created in desktop Excel is opened in SO2, but updates to the source data is not reflected in the target sheet while it is open in SO2. It is interesting to note that those same updates made in SO2 when viewed in desktop Excel are reflected in the target sheet.
Also, you can manually enter a link between sheets using the syntax:
where you have a formula in cell A5 on sheet1 that you want to appear on sheet2.
I've added this function to our list of function enhancements to add to SmartOffice. Unfortunately, I cannot predict when that will happen. We're working on new features all the time, so hopefully we'll get this one done before too long.
Thank you for bringing this to our attention.