Replacement conditions on CCK values?

Issue Summary

Is it possible to do a conditional replacement pattern on the contents of a CCK field?

example:

test 1{{!cckvalue1_field_state==Hold?hold is true:hold is false}}
test 2{{!cckvalue1_field_state=='Hold'?hold is true:hold is false}}
test 3{{!cckvalue1_field_state=="Hold"?hold is true:hold is false}}

I've tried the above, but every test returns "hold is false". Is there a way to do this?