Funnily was talking to bucko about that yesterday, I always really liked the Formula metal pads, but my buddy was complaining about a set not long ago (which I was pretty surprised about) and then the next couple sets I ended up glazing pretty quickly. It was all around the time I switched to 650b on the DH bike, so I'm pretty sure I just suddenly started stressing them more and it was game over. I had to ditch the Formula calipers to get more leverage so I could stop without having to start braking 10 minutes before a corner.I know how the math works out between the two but what do you know about friction between the formula metal pads and the shimano ones? If I had to guess I'd say the formulas actually grab a little harder in drag if not in clamping force. I've run both pads in them. I don't feel like I gave up anything in braking power with those things which really surprised me. Especially since I bought them quickly, while shouting, and very much in anger after another near death shimano experience one day.
I think maybe Formula's sintered compound is marginally better than Shimano, but my conclusion is that on big wheels and big bikes, I can glaze both to the point of uselessness in 2-3 days of riding. Bucko is going through the same thing with Hope (no doubt worse given what he rides) and I think the problem is that sintered pads permanently lose friction at a lower peak temp than some semi/organic pads (not all obs, but some are decent like Hope and Formula) - so you either need to sink it out, or deal with fast wear.
The Shimano pad that fits in the formula is tiny (even smaller than Formula, and it has that stupid taper too) so it's not the best comparison, but I just switched to a full Saint heatsink pad and I really feel like this is the only answer for a sintered pad on big wheels.