Unexpected result from new calc engine using IF, INDIRECT, ROW

So I got more unexpected results with the new calculation engine.

See formulas 1, 2, and 3 below with commentary.  You can get the same results as I get if you use the Evaluate Formula (Data ribbon > Evaluate Formula) for each.  

1)  =INDIRECT("C"&ROW(A1)) returns "Bob" (the value in C1)

2)  =IF(INDIRECT("C"&ROW(A1))="","x","") returns "" but when evaluated using Evaluate Formula ROW returns {1} and the INDIRECT returns {#Value!}.

3)  =IFERROR(IF(INDIRECT("C"&ROW(A1))="","x",""),"error") does not return "error" even thought INDIRECT evalutes to an error {#Value!}.

Now if you use the F9 function key to break down each formula (instead of Evaluate Formula) the INDIRECT function will return the same value/result from formula 1 within formula 2 and 3 .  This explains why 3 doesn't truly evaluate to an error condition when wrapped in IFERROR but it's a real problem debugging formulas when the Evaluate Formula function is inaccurate.

I found the Evaluate Formula problem in trying to investigate the real issue which is this.  With Excel 365 not upgraded to the new calc engine Formula 1 has no problem but formula 2 returns a #VALUE! error even though the ROW function only returns 1 row and thus the INDIRECT function is only evaluating 1 cell.  I would think that if formula 1 returns a value that formula 2 should not produce an error.

Thanks in advance for any insight.