Forumula hubs work great. Im not gonna lie, the bearings are undersized for the load a velodrome will put on them if your a big guy. I use formula's on my clicher street / training wheels. Theyve been crashed on, run over, run thru salt, you name it and they still havent broken, cracked or stripped. That being said, its easy to over tighten them and kill the bearings. Im often supprised how many of the high end expensive track hubs use way too small and ****ty cartridge bearings. Phil, Pauls, Zipp etc.
On my race wheels I use Suzue Pro-maxes. Nothing rolls better than a super high polished raceway and an almost seal-less hub. Old Campy hubs are famous for being smooth as hell! Dura-Ace hubs are also super super smooth.
As far as hubs stripping I've seen them all do it. Non are better than others as far as that goes. In most the cases I saw it was from either cross threading or from running the cog slightly loose and then relying on the loc-ring. Solution: tighten the cog enough so it wont come off in a track stand and throw the loc ring out the window of your car.....or sell it to some poser curior for $20 because it says "NJS" on it