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We have owned 4 Cobalts, purchasing 3 of them new. We looked at the 26' Cobalt and the 26' Formula at the 2001 boat show and purchased a Formula.
We love the Formula in spite of having had a terrible experience with both Formula and Mercruiser. No more Mercs.
We don't regret buying the Formula, but, in all honesty, I think the Cobalts we had were better built. That's not to say the Formula is not a damn good boat, it's just that the Cobalts were better in fit and finish and overall design. We went with the Formula because it provided a better fishing platform, of all things!
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