Of course it's creating problems,first thing mIRC looks in popup definitions is :, everything before that is item name and after is the command(s)...
That's the reason why item:cmd works, instead of having to add spaces around :
And as item is now " $iif(%some " mIRC starts to evaluate it and sees $iif( without closing bracket, flips out and decides there is something f*cked up here and don't show anything...