Hello Raag,
I'm afraid that doesn't work because in that case all conditions are "and" conditions and not "or" conditions. Therefore Visitor Behaviour -> browser: firefox "and" browser: chrome will never be a case (a coworker tried this and simply got no traffic). I have read the documentation, several times :), and I think the right way to do it is by creating an expression target. This is also the way the documentation sort of describes it, although not explicitly.
I think I have figured it out. At first I created an expression target using T&T Expresion Creator (http://adobetarget.com/tools/targets/), which is something like this
return (user.browser.indexOf('MSIE') == -1);
the problem with this (something I noticed later) is that in contrast to Built in targets MSIE is not closed in quotation marks (screenshot -> http://screencast.com/t/AVh7FL2Ahy6L). I have tested it and it seems this work. I thought this wouldn't be a problem since in Javascript " and ' is the same, however it might be that T&T uses JSON at some point, in which case there would be a difference.
Unfortunately I didn't noticed the missing quotation marks before and it was until a test started running that I noticed we still got traffic from Internet Explorer. That's why I want to make sure this time as at least in my QA this solution works, however it is until one runs an actual test that flaws can be noticed.
Once you have created your expression target you can call it from your target library (screenshot -> http://screencast.com/t/xR5zVYvwoc).
Hope someone can confirm my approach.
Best,
Ivan