I dont know about over at your place, but there are only 3 formula raceboats left over here that i know of and only 1 races which is a 385 !!!!!!
They are to damn heavy to race and the fast techs are very very unstable in thight turns at speed.
But i used to have a 292 SR-1 , GREAT BOAT !!!!!!
To me the Formulas are family cruisers in a offshore style skirt.
Not as bad as you think i am, just different !