I placed a shape entirely enclosed in a cell with a hyperlink of "Sheet1!A1" (for example or even Book1#Sheet1!A1). Then I placed another, identical shape in the cell directly below with a hyperlink of "Sheet1!A2". Then I used selected both cells and used a fill handle to extend the series to the cells below. I was hoping it would continue the series updating the shape hyperlinks as such: "Sheet!A3", "Sheet!A4", but instead it copied the hyperlinks literally (A1,A2,A1,A2...). This means I have to manually set the hyperlink for every shape in my desired series.
I can understand that Excel may only be able to extend series of values in cells directly, but since it is able to extend objects and able to parse Book1#Sheet!A1 correctly in the object and able to extended hyperlink formulas it seems like it wouldn't be too far fetched to expect it to handle extending a series of object hyperlinks.