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{! IF( ISPICKVAL( 
Opportunity.Transaction_Type__c,'IP - Tensilica'), Opportunity.Billing_Plan__c , 'Else Test')}

-Here 'Opportunity.Billing_Plan__c' is a Pick list value, An Email Template is not printing the value if picklist.

  • This appears to be some sort of limitation. Email templates properly render the use of picklist fields, but no when they're within formulas. I recommend using a formula field to capture the value of Opportunity.Billing_Plan__c as text – Ayoola Olapo May 16 at 15:48
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To display picklist values in formula field we should use Text(pick list field)..!

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