Formula - What a God send.
For those of us that live in light wind areas, nothing else provides as much fun as a formula board in 10 to 15 knots of wind. I raced longboards for 18 years and thoroughly enjoyed it, but rarely sailed longboards for fun. I have raced formula for over 6 years and love to free sail in winds under 20 knots.
All races that I attend have either formula classes or open classes and are usually very successful. For many of us, formula has filled a significant need. Others could care less as noted above and if you don't like formula, good for you. Clearly it's not for everyone, but some of us thrive on it.
I am not an expert formula racer, but I still get a rush when on a downwind run in 1/2 meter chop in 15 knots of wind on an 11.0, reaching 25 knots of board speed.