The RSX and the the older Mistral class haven't done much to build competitive windsurfing world wide. The Olympic boards have never been very enticing for the masses and pretty much remain specialized boards for a limited number of racers that want to be able to race in light wind conditions.
This makes some sense with the Olympics since you have a very small window of time once every four years and need to race regardless of the winds.
On the other hand, if Formula was the Olympic class board, I think there would be a huge increase in the number of Formula sailors world wide compared to the impact that the RSX, Mistral & Lechner have had.
Modifying the Formula class for the Olympics with fin choices up to 80cm may help push the planing threshold down to 5 knots for a 70-75kg sailor on a 12 meter sail.
It seems to me that Formula deserves a shot at being the Olympic board. The risk is not getting in enough races at the games to hand out medals if the wind doesn't show up.
On the other hand, maybe the Olympic Formula sailors will have to practice slogging around a course. I have done it several times and it takes skill to be the fastest. Exciting - no, but neither is an RSX in 3 knots.