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Cross-Object Formula to Display >=1 Picklist field values

Every day brings a new challenge!  I thought I could handle displaying the picklist field value from one custom object onto another custom object?


I created a new report type to link the two fields, so I can now see the field I want to display, so I insert it, but since it's a picklist value, it wouldn't allow me to just add the field, so I added TEXT.  See formula below:




Why - praytell - will it not show me the values?  The picklist values are single-select picklists, however, the "Technology Landscape" can have more than one product and thus more than one "Release Level".  Is there anyway around this?  The picklist is very long...


I tried creating a cross-junction custom object, to no avail; the formula above worked, but only after I linked the two which would just double the work. UGH! 

Can anyone point me in the right direction?