I had used the above component in several workflows and noticed that it was not catching some of my strings. So I started doing a little analysis on this component and realized that "Case Insensitive" option is failing.
I am pretty sure this is a bug, so I thought I share it with others; also to see if anyone else noticed it (didn't find anything in search)
I ended up adding a "convert string to upper case" component before it and then passing the results to it; until it is fixed in next version.