I have the following formula and am getting an #Invalid Operation message. I only get the error though when it returns "Red". The column is defined as a Date and is restricted to dates only. I think it has to do with the TODAY() part of the function.
=IF(AND([Due Date]@row < TODAY(), [Due Date]@row > " "), "Red", "Green")
In addition I did a test and created a new column, defined it as a Date and restricted it to dates only. I added =TODAY() in the field and got a message that 'This column is restricted to dates". So I am now even more convinced that the problem is with the TODAY() function.