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Main description here http://forum.civicrm.org/index.php?topic=9079
Though it also relates to the comments here I believe http://forum.civicrm.org/index.php/topic,7751.0.html and remains unclear to me if it should be importing against the 'label' (as it does for core imports) or against 'value'.
I have tentatively set to 'major' (I usually never touch this) since it is actually preventing normal behaviour and I don't see a workaround unless there is someway I can import the data with the "value separator character"