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can i detect picklist value change using ischanged?

i have a custom field on an account called "custtype" which is a picklist with values: gold, silver, regular.
for contacts, i would like to get notified if anyone changed the picklist value (say, from gold to platinum) by going to setup / customize / account / fields / edit the "custtype" field, can i use the "ischanged" function this way?
i.e. can i have a simple workflow rule that says:
to get notified when this happens?
can anyone please help? thanks...
Yes, I think you can use the ISCHANGED function that way- but only if you evaluate the rule "Every time a record is created or edited".
Shiv BhadauriaShiv Bhadauria
ISChanged function is not available with Picklist field . You can do one thing jsut set some default value for your picklist field like as in your case you made Gold as default value then your formula will be like .... NOT(Contains(TEXT(account.custtype__c),'Gold'))