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Default if () function in table

I would like to test the contents of one table cell, and if it is empty set
the current table function to one text value, else set the current table cell
to a different text value.

I have tried adding the formula to the table cell using Insert|Field, and
then clicking the Formula button and entering: =if(B5="","Value 1", "Value
2"), and get a syntax error.

Can someone please provide an example that would work? Specifically, how do
I specify an empty or space value in the if statement, and then how am I
messing up syntactically?

Thanks!