I would like to write a formula to count the number of days based on the conditions mentioned below..
If the Status__c (Picklist field) = Draft, calculate based on Now() – Last modifed date.
If the Satus__c is another pick-list value other than draft, calculate based on Created date – Lastmodified date
Best Answer
Something like this will work
For more info on Formulas and Operators check some of these out
https://help.salesforce.com/HTViewHelpDoc?id=customize_functions.htm&language=en_US
https://developer.salesforce.com/page/An_Introduction_to_Formulas
http://www.salesforce.com/us/developer/docs/usefulFormulaFields/
https://help.salesforce.com/HTViewHelpDoc?id=tips_on_building_formulas.htm&language=en_US