With a dropdown formfield, you'd be matching exact values, so no nesting should be necessary unless you're doing something that combines its results with that of another formfield. For example:
{IF{REF Dropdown1}= "One" "One text"}{IF{REF Dropdown1}= "Two" "Two text"}{IF{REF Dropdown1}= "Three" "Three text"}

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]