Boolean is a value type, not a reference type.  Therefore, the value of a Boolean variable can never be Nothing.  If you compare a Boolean to Nothing, VB.NET first converts Nothing to the default value for a Boolean, which is False, and then compares it to that.  Therefore, testing to see if a Boolean variable Is Nothing is effectively the same as testing to see if it equals False.  If you need a Boolean which can be set to Nothing, you need to make it a Nullable(Of Boolean).  There is a shortcut for that, though.  To make any value type nullable, you can just add a question mark after the type, like this:
Public Function Test(ByVal value As Boolean?)
    Return "blabla" + If(value.HasValue, If(value.Value, "1", "0"), "")
End Function
As you'll notice, even with the variable being nullable, you still don't test whether or not it is null by comparing it to Nothing.  It may come as a surprise, but Nullable(Of T) is actually a value type as well.  So, rather than testing to see if it's Nothing, you should use it's HasValue property, as I demonstrated in the example.