Hello. Thank you for contacting the Toolset support.
Well - I do not know why you want to check html tags with [wpv-conditional] shortcode but yes I checked the issue locally and I can see the same output as you did. It looks like there is some issue or its expected but I will report this to our Devs to get concrete answer on that and ask why it decodes the html entities within [wpv-conditional] shortcode.
However - when I tried following statement:
[wpv-conditional if="( $(wpcf-book-reviews) ne '' ) AND ( $(wpcf-book-reviews) ne '<li></li>' )" debug="true"]
I can see [wpv-conditional] shortcode outputs correct content as field is not empty and field value is not equal to '
.
If you can tell me your exact requirement with problem URL, I will try to share workaround.
I won't go into the reasons why I need to check html tags in the conditional but the fact is that I do.
When I use the same conditional you did it breaks as per my previous screenshot. When I try to use HTML entities in place of the opening tag the debug suggests that it should work, but it's still returning true even when wpcf-book-reviews contains the list tags.
Here is a book that has
<li></li>
in the wpcf-book-review field. You can see the debug output: hidden link