Microsoft Excel exports the Datasheet view as a Web query file.
If Excel is running when you click Chart with Excel, you are given the option to import the data in the Web query file into an existing worksheet, a new worksheet or a new workbook. Otherwise, Excel opens and imports the data to a new workbook. The imported data is displayed as a list in a worksheet and links the data with the information in SharePoint Foundation 2010.
After you make changes to data in SharePoint Foundation 2010, you can update the worksheet in Excel by using the refresh external data feature. For more information about queries, see Excel Help.