The Save As Values command creates a copy of your spreadsheet with all functions and queries specific to Office Connector removed.  The resulting file is much smaller, does not require the Office Connector software, loads much faster and can not be refreshed.
The following actions are taken when you click Save As Values:
You are prompted for a new file name with the default being the current file name plus the word "Values" in parenthesis.
All queries based on the Event 1 data source are removed, but the data remains on the spreadsheet.
All Office Connector workbook functions are replaced by their values.