They're also ridiculously expensive though...

As far as Phils, I think the main reason to get them is as a status symbol. A hub can be broken down into a couple different parts: there's weight, which Phil loses out on but most people riding fixed don't care about. There's the flange, which shouldn't fail under normal conditions. Haven't heard of anyone breaking their Formula's at the flange yet... There's the hardware. Phil's hardware is bombproof and a piece of art, but Formula has nothing wrong with it except the locknuts, which is negligable because of how cheap they are to replace if they break. And finally you have the meat and potatoes, the bearings. You can buy whatever track hub you want and throw in some super high quality ceramic bearings and you'll suddenly have the best rolling cartridge hubs money could buy. Of course it'd also probably be hard for a good deal of us to notice the difference.

I dunno, I like Dura Ace and don't think I'd ever consider Phils, although I'm guilty of lusting after semi-expensive hubs and considered buying them in the past myself (Dia Compes).