Hi tpayton,
It turns out that the odd results have to do with “phantom” rows for this Matrix straggling in the database. Matrix has 2 extra rows for this field in its table and they are matching the conditionals, therefore, being shown.
Why they are left behind is a mystery, and why we aren’t able to see them in the Control Panel as well.
However, once those rows are removed, everything should behave as you expect.
For the time being, I left a limit on the field to get you the results you are looking for:
{header_features limit="3"}
{if link}<li><a href="http://{link}">{label}</a></li>
{if:elseif page != "--- None ---"} <li><a href="http://{page}">{label}</a></li>
{if:else}<li>{label}</li>
{/if}
<li>Page=: {page}</li>
{/header_features}Cheers!