answer 1
do not get the new formula if you loved all the glitter the old formula has. this new formula seems more like a shimmer and it doesn't have all that glamour of the old one. like everyone else said, there's going to be "fall out" either way, but if the glitter was important to you (like it is to me) search down the old formula on urban decay's website before it sells out. there's a lot of anti-glitter people here on sephora for some reason, but if you're pro-glitter, stay far away from this new formula.
answer 2
The glitter in all of the new ones is finer and therefore has less fallout. It's still there, but not as abvious as the old formula, and it's easy to wipe away with a cotton ball.
answer 3
i highly prefer it in the new formula, honestly. the glitter in the old formula made the shadow a bit gritty for me, but that's totally gone with the new formula. i also feel like you get more color payoff from the new formula, too, without having to apply as much. the glitter in it still goes everywhere, just like with the old one, as the previous reviewer said, so no change there, but i do feel that the glitter stays in place better with the new formula.
if you seriously need this color, buy it. if you're wanting to try others, though, i'm with the previous reviewer, and suggest trying other palates. if you're like me though, and you know what you like (and will never use 85% of those wild colors) just get what you want!
answer 4
Yes Ive tried both. It is creamier, less powdery, more pigmented, less fallout. You will still have fallout, but its less. You will still need a piece of tp under your eye when you apply to catch fallout. I dont think its worth buying a shade in the new formula if you own it in the old, just my opinion. Try something new. Have you ever used sellout, midnight rodeo, or vanilla if pale skin? Also keep in mind that several UD palettes already have the new formula; 15 yr ann, mariposa, naked 2, the recent book of shadows. If you want a color, but you can find it in one of those, it might be better to get the palette (selection and money). Unless it is your all time favorite shade, I dont think its worth it. Sorry, my opinion and Im being honest. I do think the new formula is worth trying, its nice. Id just get it in a color I didnt own and in a color that I couldnt get in a palette.