Currently, you can only format fields in columns based on the entity record being updated (e.g. that row rather than field column). So, if a change is made to one cell in a column on a grid, the formatting doesn't account for that cell's history, and instead uses the Date Updated field on the entire record.
It would be great if you can apply formatting rules to updates made on a cell more specifically, so that those changes can potentially be highlighted using formatting rules.
Click "Me Too!" to vote up this feature, and leave any additional thoughts and use cases in the comments!