Formations Table with pictures.

Name Picture Comments Obtained
Free For All https://imgur.com/Bnsz0Pn Terrible formation only good at getting you cleaved. Start
Imperial Cross https://imgur.com/a6K6TiV Line attack bait. Switch to a better one ASAP. Start
Imperial Shield https://imgur.com/xUznp9G Marginally better than Imperial Cross, front row will get cleaved by Hell Claw. Heavy Infantry
Imperial Attack https://imgur.com/UJEpHqs Very bad for survivability. Light Infantry M/F
Imperial Ray https://imgur.com/GtXn9M1 One of the first decent tanking formations. Still suffers from column attacks. Ranger M/F
Imperial Magic https://imgur.com/xnqv73C The magic version of Imperial Ray. Replace eventually. Court Mage
Imperial Arrow https://imgur.com/ODdN6VT The best Imperial formation. Still suffers from column attacks, but results in a very survivable tank. Great speed. Imperial Guard M/F
Imperial Force https://imgur.com/8YVZa69 An abomination of a formation guaranteed to get you killed on Expert difficulty. Last Emperor M/F
Fanged Assault https://imgur.com/b1F0WD7 One of the first formations resistant to column attacks. Unremarkable. Mercenary M/F
Witch's Cap https://imgur.com/UKdMPkE Magic version of Fanged Assault, can be painful if your back row gets cleaved. Freelance Mage M/F
Free For All 2 https://imgur.com/MUz7BFj Frontline is too close together and will get hit even by columns. Vagabond M/F
Iron Forge https://imgur.com/4veNvr6 Very strange formation which is somewhat resistant to AoEs. Imperial Blacksmith
Rising Phoenix https://imgur.com/S2eHHTu A very strong formation for shield use (Willguard+). Quite AoE resistant. Strategist
Dragon Stance https://imgur.com/vAIV80I Used for fixed order united attack parties. Awkward for tanking as the tail is vulnerable, hide it. Martial Artist
Mu Rampart https://imgur.com/rDiZQG9 Always acts last, not viable for harder difficulties. Saigo Clansman
Rapid Stream https://imgur.com/NaIWfKA Always acts first. Very powerful formation, as in the original, but kills shield blocking and is unsuitable for tanking strategies. Corsair
Seer's Focus https://imgur.com/nAarKzi Not quite better than Witch's Cap as the backline is quite vulnerable, but it has fewer problems with AoEs. Diver
Charming Drive https://imgur.com/dysmDfj One of the better tanking formations, AoE resilient and fast. Dancer
Divine Wall https://imgur.com/42DDVdS Strong contender for the best defensive formation in the game. Back row is effectively under the effect of Mist Cover. Crusader M/F
Whirlwind https://imgur.com/KIrDzW0 Almost strictly better than Hunter's Gambit in most ways. Nomad M/F
Hunter's Gambit https://imgur.com/rzIRaJp Double defensive formation with a resilient frontline, but isn't very good at protecting the flanks. Hunter
Amazon Raid https://imgur.com/Ng35B9K Unremarkable. Amazoness
Desert Fox https://imgur.com/XKI1AzA A different version of Imperial Arrow focusing on offence rather than speed. Desert Guard
Lightning Flash https://imgur.com/mjpQREU A slightly less awkward version of Dragon Stance which doesn't work too well if you need fast healers. Levante Guard
Flying Sword https://imgur.com/E8SuSbu Good at building gauge, but not very good at tanking. Ninja
Cosmic Ring https://imgur.com/8YH3jPe Enhances Cosmology and Umbrology, but frontline mages are generally a terrible idea and does not buff Cos/Umb defence. Diviner
Volcanic Heart https://imgur.com/U60SQWw Gimmick elemental formation with 3 frontliners, quite awful compared to just using Fire Wall/Self Immolation. Salamander
Twin Pyramids https://imgur.com/oBEx0yI Gimmick elemental formation. Mole
Crescent Tide https://imgur.com/s6Dp4G6 Very weird shape. Only two party members seem to be protected from Hydrology, but may be situationally good vs Water enemies. Nereid
Winged Quintet https://imgur.com/RguYm8M Provides decent Aerology defence for 4 out of 5 members, which can be good on dragons if you don't mind an entire column getting bolted. Aerology damage bonus is about 10-15%. Iris
Puppet Army https://imgur.com/ePjyh2u Situationally useful, but I still got hit by ailments when trying it. Puppet
Goblin Offense https://imgur.com/qZ9vQQS Weird formation with no real advantages other formations cannot give. Chest

IMO Rising Phoenix/Rapid Stream are the best normal use formations for harder difficulties, but Divine Wall is unarguably the best formation in the game for bossing on Romancing difficulty, especially if you have access to Dark Magic:

Divine Wall strategy:

Have your frontline tank use Wraith Form/Amethyst Axe's Phantom Chivalry or spam Shadow Servant while being equipped with elemental immunities (e.g. Fire Circlet, Elemental Benisons). The second frontline attacker should have Neither Seen Nor Heard to prevent targeting, and your third frontline character should either be your healer (Mist Cover it ASAP and then only use support magic) or use Amethyst Axe/Shadow Servant/Wraith Form.

If you do this, the enemy literally can only ever target your main tank and as long as you can handle party AoEs with some spot healing, most bosses are pretty trivial.