Something is broken then, because that condition looks correct to me.
VersionNT>=501 means "if the 32-bit NT version is XP or greater"
VersionNT64>=600 means "if the 64bit OS version is Vista or greater"
and or-ing these together should be correct.
In the Welcome dialog properties for your setup where it says something like "This will install [ProductName] ...." you can temporarily change this to display the properties byusing,say, "NT is [VersionNT] and NT64 is [VersionNT64] ......" so you can see the actual property values.
Make sure that you are getting the case right. These property names are case-sensitive.
Phil Wilson