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I bought it this weekend and looked throught it. I thought that for $8.50, even if I only learned one thing, it would be worth it.

Essentially it is a collection of seven videos. They look 'home made" and at the end of each one there is a sales pages for some other product he is pushing (I didnt bother to listen to it)

Vid #1 Basic "how to set up a CL account & gmail account-it does the job
Vid #2 Deals with ad copy-again basic stuff
Vid #3 Jumps to Blogspot and Blogger
Vid #4 Deals with hidden text in your CL ad
Vid #5 Posting shortcuts. He talks about Crayco and Admaster
Vid #6 Discussion of using images to fool the spiders
Vid #7 Automation-more on Admaster really (site was down)
Vid #1 Bonus-very basic review of gmail autoresponder

Is it worth $8.50? Probably, especially if your are new to CL.
Will it teach the basics AND a few good tricks? Yes, again.
Will it make you a CL expert? Not without trail and error.

CL is pretty easy to use unless you are trying to "black hat" their rules. CL is a great way to make money and drive traffic but the rules change, your posts get flagged or never appear.

All that being said, CL is worth the learning process for traffic and Craiglist Formula is worth the $8.50.

Hope this helps.
Kevin