OR( ISPICKVAL(Production_Type__c,"Full Production"), ISPICKVAL(Version__c,"1"), ISBLANK(Value__c)
This implies that if any of the 3 is valid, the status needs to be one of the 2 statuses.
If you intend that the status should only be checked in case of all 3 fields having the particular value, replace the OR by and AND.
Then if you change any of the 3 fields to another value, the status will no longer be required to be on of the 2.
EDIT 1
If you want to allow any value of choice1, choice3, or choice5 but do not want to allow choice2, choice4, or choice6 then you should create rule like this
if(Family__c == 'X',
if(
OR(
INCLUDES(choices__c,'choice2'),
INCLUDES(choices__c,'choice4'),
INCLUDES(choices__c,'choice6')
),
True,
False
),
False
)
You can use formula something like bellow:
if(Family__c == 'X',
if(TEXT(choices__c) == 'choice1; choice3; choice5', 0, 1),0)
So basically the idea is to check the value of Family__c.
If value of Family__c Is X Then check additional condition else return false.
The additional condition should check if Text value of choices__c is 'choice1; choice3; choice5' then it should return false or else true.
When validation rule returns true it shows error to user and stop the processing.
Best Answer
You can use the validation rule to make sure that the record cannot be saved unless the Days text field is filled in if the picklist value is 'other'.
This will give the user an error if they try to save a record where the picklist value os other and the days field is left blank.
You cannot though control whether or not the days field is enabled though. You would need a visualforce page to accomplish this functionality.