The rule will trigger on TRUE, so even rows will be shaded.
ISEVEN will return the #VALUE error if a value is not numeric.
ISODD will return the #VALUE error if a value is not numeric.
ROW Function
The Excel ROW function returns the row number for a reference.
For example, ROW(C5) returns 5, since C5 is the fifth row in the spreadsheet.
When no reference is provided, ROW returns the row number of the cell which contains the formula.
MOD Function
The Excel MOD function returns the remainder of two numbers after division.
For example, MOD(10,3) = 1.
The result of MOD carries the same sign as the divisor.