Substitions in Profile Value Layout of a Text field

I'm just trying to display the fullname for a field in which I store a user id.
I notice in Profile Value Layout that a simple -
[cb:userfield field="formatname" user="938" /] works but [cb:userfield field="formatname" user="[value]" /] does not. The later works with [user_id] but not [value]. Right now I have a limited number of referrers so, with this field named "cb_referred_by", I can do this:
[cb:if cb_referred_by="938"][cb:userfield field="formatname" user="938" /][/cb:if]

The user parameter supports nested substitutions, but [value] won't work in that case since [value] is flat replaced from the layout. You'll need to use [FIELD_NAME] and directly substitute in the field. For example if your field is named "cb_storedid" then you'd use [cb:userfield field="formatname" user="[cb_storedid]" /].