Number Formatting Precision / Stop dividing by 1000

I would like to propose a feature to instead of dividing by 1,000 to show items in thousands or 1,000,000 to show numbers in millions, that this is handled by the number formatting.  This is a little used feature in excel where you can apply a format to a cell with the value $32,500 to display as $32.5.  

In this case the underlying value is not change, just how its represented.  This bears little difference to representing the underlying value of .985 as 98.5%, but provides more flexibility on the units represented.