Angular ng-switch with boolean

If you are just checking for true values, ng-if seems more appropriate and reduces the need for additional divs containing the code, reducing your sample too:

<div ng-if="Item.ItemDetails.IsNew">
    <p class="new fontsize9 fontWeightBold">NEW</p>
</div>
<div class="featured" ng-if="Item.ItemDetails.IsFeatured">
    <p class="fontWeightBold fontsize8">featured</p>
</div>

Full docs at: http://docs.angularjs.org/api/ng.directive:ngIf

Convert the boolean to a string:

<div ng-switch="Item.ItemDetails.IsNew.toString()">
    <div ng-switch-when="true">