The Subfolder clause is only effective in recursive filters, but Select isn't a recursive operation - it operates on only the items in the current folder. You just want the Name clause from your above example, without the Subfolder.
Fair enough. I never knew that. What I'm actually trying to get to grips with is one way SYNCing a structure and excluding subfolders using an advanced filter along the lines I described above. Here is a simple example. I want to exclude folder Old and its contents..