This is above average Chinese food and better than most other places in the New Haven area. Don't be mistaken, though: it's not great by any means.
We started off with some pan-fried vegetable dumplings ($6) which were well-made and nicely presented on the plate. Next we shared a "spicy bean curd szechuan style" ($10) from the Chinese menu (ask for this menu specifically). Ask for it without meat; it comes with meat by default, which isn't stated on the menu. It was basically just mapo tofu, and decently made, though it could have been spicier, with the addition of some black pepper and Szechuan peppercorns.
Next we had a "broccoli in formosa black bean sauce" ($10) which was exactly as the name suggests: broccoli in a soy-black bean sauce. Again, it was tasty, but nothing mind-blowing.
Kudos to Formosa for offering brown rice (though it costs an extra $1 per small bowl).
The service was friendly, though not particularly attentive or fast. The decor here is pretty nice, and this isn't a bad place to take a date, though the lights are kept way too bright.
Formosa also serves unusual sushi items and a bunch of random Japanese and pasta dishes. It's like they're trying to cater to anyone and everyone.
If you're sick of the subpar Chinese offerings in New Haven, Formosa might be worth the drive for you.