>>>Does it refresh the value of all objects on the form? Does it run the refresh code of all objects? If so, are there any common exceptions?
>>
>>AFAIK it doesn't refresh inactive pages of the pageframe.
>
>You are correct. It definately does not refresh controls on inactive pages. I have not tested it but I would expect that it also does not refresh ANY inactive controls on the form.

It's certanly refreshes all controls on the form excluding inactive pages.