Formula hubs have sealed bearing.
http://parts.spicercycles.com/page.c...nsearch=Search
I've never had sealed bearing parts on a bike. I've heard such good things about Phil parts since they first became available I always wanted to try them. The thing is that I have tons of machines, etc... that have bearing in them. There isn't any other field I have come across where there is a premium placed on loose bearings. I have one british lathe that way because the maker thought it was cool to be able to adjust the set. I have complete confidence in sealed bearings the only bike angle where I would have questioned them is water, but apparently there it is a plus. Also, over the years, the Bullseye pulley concept floundered, but on wheels it seems durable.
I have these touring wheels, I did a bearing job on them. The bearings only had a few K on them, but i wanted to see what the insides were like before I left on a since cancelled trip. I opened up these LX hubs, and the laborynth was dented, and the grease looked pretty nasty. Then when I re-did the bearing job I had a rough point during rotation, after I closed it back up it rode nicely and I don't feel the need to do anything about it, but it does go to show how easy all that would have been with sealed bearing. New bearings would have meant all new races, and seals, rather than what I have: damaged races and seals. I guess it's just a mater of checking the bearing size before you buy, and how easy they are to strip. The Phil has a reputation for being easy to strip , and you don't have to replace the cartridge for a long time. So as long a formula is copying the right features...