I believe this feature and the items it yielded had potential, however, it's been entirely squandered by three things.
1) Use of RIG items as ingredients
2) Failure rates consuming formulas (why would that happen? It makes no sense.)
3) The experience system, Forcing you to spend thousands of gold on items you don't care about to have a miniscule chance at making one you -do- care about only to fail, save up to rebuy the formula, and have the reserve gold needed, fail, repeat ad nauseum. Not my idea of fun.
I'm going to be honest here, I have zero faith anyone who has the power to change anything worth changing cares about what I think, or even what the people blowing sunshine up their most private crevice thinks. And I honestly only expect Gaia to further abuse us through this feature by having rare/expensive formulas available for limited times or through chance, which yield a success rate somewhere around 0.001%.
Tell me I'm wrong.
Please.
And mean it too; If there is even one person who actually cares what we think that has the power to change ANYTHING to do with this feature, it would rekindle a long burnt out ember of hope in me for this site.
As it stands, I have none.