One of their limitations is that the output is just text. Sometimes your browser will be smart enough to interpret the text as a hyperlink – when you calculate an e-mail address or a URL for example. Nevertheless in this case the display is usually not user-friendly. This will never allow you to get what a “Hyperlink or Picture” column does, for example.
To extend the possibilities of calculated columns, my idea is to use them to write HTML instead of just text, thus allowing some additional formatting. In this post I am going to show how to achieve this result through a generic method, combining calculated columns and the Content Editor Web Part.
Using calculated columns to write HTML « Path to SharePoint
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