You're asking us what our opinion is on Phil's Formula? I take it you haven't been around Fieros and Pennocks for a while have you?
Phil has owned that Formula for quite some time and is a well contributed member to PFF. If there's one of the better cars to buy off of someone in the Fiero hobby, it's probably one from him.
A yellow 1988 Formula is a rather rare Fiero model. According to the official Fiero Spotter's Guide - which is typically the-go-to authority for production numbers - there were only 436 made. I can tell you from personal experience the '88 Formula is a great Fiero to own. I absolutely loved mine, and really regretted letting it go. It's great to have the underpinnings of an '88 GT, but with the more subdued body style.
[This message has been edited by Fiero84Freak (edited 08-10-2013).]