Hubs aren't really that important. They only support the bike frame and wheel. They also let the wheel spin (if that's important to you).
That being said, I wouldn't go with a no name.... and I wouldn't splurge.
Formulas are right in the ball park for price vs performance.
Fail... (unless you are just being sarcastic).
Hubs are the most important bearing interface on a bicycle and the rear axle and bearings are subjected to high load stresses that are only exceeded by that of the bottom bracket. Wheel hubs spin at a rate many times that of the bottom bracket and are also more easily contaminated with dirt and water.
Poor quality hubs are built to low specifications and are sometimes difficult, if not impossible to set up properly whereas a better hub will be built to better specs, higher tolerances, and have better quality bearings.
When I am teaching I explain that when you are adjusting a high quality hub it is going to be much more sensitive to mis-adjustment but once properly set up will roll with less resistance and because of that, be more efficient. Over thousands of miles this efficiency and longer operational life will be appreciated.
Higher quality hubs last longer due to the better parts used and the higher machining tolerances.
In practice, very few people are going to notice the difference between a good hub (ie. Formula) and an exceptional hub (ie, White Industries) if they are properly set up.
I have a 1955 Raleigh Lenton fixed gear road bike that has it's original Raleigh track hubs and these hubs are as smooth as silk and this difference can be felt when one is riding long and fast... it is a smoothness that has to be experienced. The bike is also oil lubricated which makes a considerable difference in how smooth it is.
Raleigh's QC in the 50's was second to none and they had a zero tolerance for poorly machines parts and I have noted this difference in their hubs and in their SA internal hubs whereas a late model SA hub will run smoothly but a 50's hub is an entirely different experience.
I understand these things really well as I have worked as a machinist and a bike mechanic and do ride 1000's upon thousands of miles every year and have no use for poorly built parts.
People often comment that my bikes never seem to break down and a lot of that stems from being up on my maintainence but it also because I like quality bits.