I watched it tonight.
Formulaic isn't the word that would come to mind, unless you mean formulaic for Kaufman, by which I would say it is very esoteric and out there, with the movie open to different interpretations.
Even though I figured out the basic idea fairly early on, the final scene threw me for a loop a bit. and I had to read around to see I was still generally "right" based on Kaufman's view of it.
If you like Kaufman and something like Synechdoche NY you will probably like this, but I will say that this one is in desperate need of an editor. Could have been an hour shorter and little would have been lost.
And the book is apparently much clearer, Kaufman purposely took out some of the clarity from it.
But very typical for him overall.