Use Case: For calculating Earned Value, I would like to create a custom formula field that displays a particular value (eg. 1) if the Due Date of a ticket is in the past, and to display another value (eg. 0) if the Due Date is still in the future. However, it appears that in an IF statement its not possible to write the following.

IF(field"Est. Hours" < TODAY(), 1, 0)

Is it not possible to compare 2 dates in a conditional statement using a less than, greater than or equals clause?