The corresponding advice in Access - use SELECT CASE vs. deeply nested IF/ELSE IF/ELSE statements - is pretty good, too.
I have always used the rule that if I have to make a choice among more than three situations involving a single variable, it is SELECT CASE time. But there is always the bug-a-boo situation where the items being nested aren't against the same variable. In my genealogy database project, I have had the issue of nesting SELECT CASE statements because I have to look at combinations of keywords that can legally appear together vs. other cases where two particular keywords in sequence are clearly erroneous.
I'll stay with nested IF in VBA if and only if the number of options is VERY small. Otherwise, SELECT CASE in VBA or CASE in SQL are my GOTO syntax choices. (Yeah, I'm one of the hard-core guys who still uses GOTO statements, too!)