The wiki on it seems to have improved from last time I checked.
http://wiki.battlemaster.org/wiki/Formation
In my experience the mos basic ones work the best.
Delay and Wound is supposed to be used when you know you will lost the battle, but still try to inflict a lot of casualties. I tried it once, and now sure how well it worked because it is hard to compare with other formations. I wouldn't say it failed though.
I've tried it. It is absolutely awful. It turned a certain defeat into the buttrape of the century. Avoid it as you would avoid a rabid monkey with AIDS.
Most advanced formations are awful. I just await for the day this system is completely replaced by a customizable one.
