FF formula =/= just storyline
FF formula = Recurring elements such as plot themes, character names, and game mechanics
Edit: If your referring to just FF storyline formula you need to specify but i believe you got it right on the money in a general outline.
Storyline for the most part ends up being a group of people fighting a great evil, while exploring the characters inner struggles. Now just because a FF follows this theme still does not guarantee a good story, much like FF XII which attempted to follow this formula but followed it to the bare minimum thus inducing a snooze fest.