You haven't said where is your region and how windy it is? Apart from a few windy places, I believe a Raceboard will be a better option in a wider variety of conditions. I agree there with poster #5.
I've sailed (and competed a bit) in Div2, Raceboards, IMCO and Formula before I finally gave up and went to enjoy freesailing on my own schedule (but that's another story). I would say that a lot of people have put too much hope in Formula (me included) when they first appeared, with regard to light wind performance. Yes, it can plane in ridiculous winds, but when you have light, shifting, fluky, holey wind (as in most inland places and many coastal), a daggerboard and a long waterline is needed. Also don't forget monster Formula sails, 550cm masts and 300cm booms. How many people (both sexes and all ages) are willing to handle these?
Fun factor? Well I don't know how it's called when you shlog a Formula for miles, on a day when a 5 seconds 10 knots gust is the best thing on offer ;-)