DOH!
Sorry dude, I have 2007, I looked at this much earlier and couldn't figure out how it worked so I kinda walked away from it.
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me sry.

Your formula works, you just need to enter an if statement for the cells with regard to reference cells being blank! It says "FALSE" because none of the arguments you have allowed for are being met. IE if it's this, do this, if it's that, do that, but if it's blank, none of the arguments are true, so it's showing "FALSE"

I guess Jason figured that out before me. ><