I'm noticing now that even when I wait, I don't always get my values. Sometimes when I switch between value lists (for testing), I'll get the correct value list, then when I switch back to the original value list and test, I get the correct values in my pulldown, as though it refreshes just for that one related field value. Then I change the field value that determines what should be in my other field's pulldown, and it's blank again. I go back to the original field value, and it looks fine.
It all seems like a problem where FM is struggling to keep up with my lists, so I'm worried that I'm NOT doing something wrong.
It's possible that you simply need to commit the record after selecting a value in the first list. See if this works:
Select a value in list 1, then click a blank area of your layout, now pull down the second list.
If your layout is setup with the default setting to automatically save your record changes, clicking a blank area of your layout will save (commit) your latest edits--such as selecting a new value from the value list.
If clicking blank layout area solves the problem, You may want to use a script trigger to automatically commit the record whenever you select a new value in the first value list.
I don't want to look dumb, but you're right, this seems to have done the trick. This never seemed to mess with my other value lists. And I would think I'd naturally be clicking around and attempting to commit; but there must be something about my layout.
I believe it's due to the fact that you are using a conditional value list. Until you have a value in the field formatted with list 1 committed, there's now way for the conditional value list to pull up the list of related values for list 2 as you won't have a valid relationship until this first value is committed.