Dunno if this would help you or not? This is the one I use - have used from 4.0.4 to 4.0.8 with no issues.
Code:
<!-- Wy Country Flags Start -->
<vb:if condition="$post['field6']"><style="text-align:left"> Country:</dt> <img src="{vb:stylevar imgdir_button}/flags/{vb:raw post.field6}.GIF" align="middle" alt="Users Country Flag" border="" /></vb:if>
<!-- Wy Flags End -->
Never hurts to try.
Of course - change my field (6) to whatever you use!