I haven't flown the Formosa, so I can't provide a comparison.

The Switchback Sport has been used as an aileron trainer successfully for many people (myself included). If you can fly the E starter, I don't think you'll have a problem with the Sb Sport.

Brushless motors and li-poly batts aren't needed for the SB to be fun. Try it stock first, then you can worry about upgrading. Keep it light if possible, light flies much better in the Switchback.

If you want to go brushless, I recomend the Astro 010 in a GWS B box. I got mine from Aero Micro. It's not a big power house, but does give excellent power and run time in a small package. A 3s 700 or 1200 pack is also a good match for this motor in this plane.