Formula using a text list field was working and now isn't

So the issue was some confusion over the data that was actually in the data. 

That is why I suggested the debugging tactic to break down the formula  into smaller pieces to isolate the part that is causing the problem and determine cleanly if the data was not what you expected or the formula has a problem.

There was also the misleading situation with the formula editor giving a false warning, that threw you off.

Thx for letting me know that you are now all good.