Having played a bunch over the weekend, I'm not entirely sold on the card instead of chit for formation activations. With only a few formations in a small scenario it's hard to randomize/shuffle only 3 or 5 cards where 3 or 5 chits is a cup feels more random...
Having multiple cards with different moral and command ranges on them to represent different formations or the same formation with different stats is a cool idea, but I feel that could be done with chits too.
With the very large scenario I'm playing now though, the formation deck is more manageable from a shuffling point of view....