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Default formulas with <

Hi - I am using a spreadsheet with formulas setup by someone else and the
formula is reading:
=if (AA110<"",AA110,if (g110<10,G110,AA110*10))
My interpretation is that it should read:
=if(AA110="",AA110 etc. (ie. if AA110 has nothing in it, make the cell blank)

Or does the < mean something else?

There is more in the formula but it refers to sheets that do not exist in
this workbook thus I presume are disregarded so if AA110 does have something
in it, the formula then does the 2nd if statement.
Hoping someone can clarify!
Thanks
 
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