If one of the criteria are true for the tasks that extend past 11/3/12 I believe the indicator will be set before that final criterion (red if past 11/3/12) is ever evaluated. In other words, the formula will stop when it gets to the first true statement.
To do a quick test, I changed the “red” to “purple” for the last criterion and tested this in a small schedule. What it looks like happens is that the formula only gets to that last criterion when it drops through the gap in the three variance criteria – when finish variance is greater than 5% but less than 10% of project duration.
As I increased the duration values for a task that finished past 11/3/12, I got green, yellow, purple, then finally red.