SharePoint: using if/then behavior in calculated fields

I thought this was neat: I discovered that it’s possible to use if/then behavior in calculated fields.

In the example below a calculated field is determining the following:

If the field “Expiration Date” contains a date, then the calculated field’s date will be the same date. If it does not, then the field will perform a different calculation: it will be the value of another date, “Live Date,” plus 90 days.

=IF([Expiration Date]>0,[Expiration Date],[Live Date]+90)