If you have other conditions then you are correct on the parenth wrapping.
The select formula just wants a boolean evaluation result from each condition per row.
I am not 100% sure that it is more efficient processing but I think that it is. I have not found an instance where an if-then used in the select statement could not be easily worked in to an OR statement.
If you break it down these are the 2 statements
if-then is
IF T/F THEN t/F ELSE T/F
the OR statement is
(T/F and T/F)
or
(T/F and T/F)
The if-then does not set the date value it is still just returning a true/false
I also need to give a shout out to Hilfy for helping me understand this (and aplogize to Hilfy if I have not explained this correctly

).
Edited by DBlank - 12 Jun 2012 at 4:44am