Is If/Else possible in a formula field?

[jpfieber]

I'm trying to determine a field value by comparing the date of another field value against today's date. I've tried a number of ways and I'm not getting any results. For example:
if(current.dateFinished >= (new Date())){"Active"} else {"Closed"}
the 'dateFinished' property is of type 'Date'. Are If/Else statements supported, and if so, how could I accomplish my goal?

[Truncated]

I've been trying to do the same, albeit with 3+ possible answers so else-if would great as well.
The formula appears to only respond to dv. and current. actions, rather than javascript as a whole, so I've been limited to the dataview functions. However, you can use the dataview stuff in ternary expressions format to accomplish what you have above:

I think this should work for you, but I can't test it atm:

current.dateFinished >= new Date() ? "Active" : "Closed"

This was successful for me, as comparison in case the formatting above is suspect.

dv.func.contains(current.tags, "Status/Overdue") ? "Red" : "Green"

I've nested other Ternary Expressions in the true or false response, but I'm not confident of that working well.

[jpfieber]

I modified my workflow so I didn't need this, but thanks for sharing, hope a solution can be found for your need.