Could we cite the creeds of the early church as pre-modern formulas? The Apostle's Creed or Nicene Creed could certainly be classified as theological formulas. This may expand our conception of formulas a little in that it seems that you are noting the emergent church's dislike of formulas with respect to doing - a creed would be more of a formula of thinking.
Now, this could certainly be abused - perhaps rote recitation without underlying understanding (okay, time to throttle back the alliteration booster) - but I think it points out the danger of being anti-formula: formulaic expressions seem to be an important part of Christianity. Rejecting formula for the sake of rejecting formula may unhinge our focus from those points which offer us something upon which to ground ourselves.
Perhaps a cause for concern can be stated this way - the emergent church's (or anyone's for that matter) reaction against the abuse and over-emphasis on formula (both real and alleged) may run the risk of moving too far in the opposite direction. For a faith that is grounded in historical events and recorded as Scripture, some objective framework is necessary. It may seem somewhat presumptuous (and no doubt it is overstating things to a degree) to worry that rejecting some tired and stale methods might lead to theological license, but when you start rejecting how things have been done, it seems like it could be difficult to avoid rejecting other things (like what things have been believed). The Christian faith has long placed (perhaps we could trace back things to structured, stylized expressions in the writings of Paul such as 1 Tim. 3:16) an importance on creeds and formulas. There needs to be some reasonable balance concerning keeping and rejecting such things.
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