Here's the macro...
(I added the dashes to indicate indentation because the editor removed the spaces)

JUMP (Info/Please wait)
VAR (Wait = False
If (Variable(TVon), False
---VAR (Wait = TRUE)
---ALIAS (TV/Power/poweron)
ELSE
---{do nothing}
If (Variable(AVon), False
---VAR (Wait = TRUE)
---ALIAS (Yamaha/Power/poweron)
ELSE
---{do nothing}
If (Variable(Wait), True
---DELAY (10.0 Second
ELSE
---{do nothing}
continue with macro...

It never executes the 10 second delay. As a test I have inserted a SET Wait=true, immediately before the IF and it does perform the delay. My problem is, I want the delay conditional so it will only do the delay if either device is not already on. I hope this clarifies.