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Default Nesting Limit 2007

I was under the impression that excel 2007 allowed more than 7 nested
finctions or up to 64, but I continue to get an error that says
"..........uses more level of functions than are allowed in the current
format." The formula is below.

=IF(MID($B2,39,3)="Eye","RM",IF(RIGHT($B2,2)="RM", "RM",IF(ISNUMBER(SEARCH("Gum",$B2,1)),"RON",IF(ISN UMBER(SEARCH("EyeWonder",$B2,1)),"RM",IF(ISNUMBER( SEARCH("Video",$B2,1)),"RM",IF(ISNUMBER(SEARCH("Ta rget",$B2,1)),"RON",IF(ISNUMBER(SEARCH("RM",$B2,1) ),"RM","Not Valid")))))))
--
Thank you for your help and support
 
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