Every continuous function does not necessarily have a power series expansion on a closed interval, as demonstrated by the example of |x|, which is not differentiable at x=0 and thus cannot be represented by a power series. While the Weierstrass approximation theorem allows for the uniform convergence of polynomials to continuous functions, this does not imply that these functions can be expressed as power series. Additionally, there are infinitely smooth functions, such as f(x) = e^{-1/x^2} for x ≠ 0, that are not represented by their Taylor series despite being approximated by polynomials. The distinction lies in the requirement that a function must be differentiable in a way that aligns with the coefficients of a power series. Overall, the conversation highlights the nuances between polynomial approximation and power series representation.