Are they still making the awful formica topped one?

You mean the ones with the High Pressure Laminate (HPL) back and sides and spruce top - yes, they are. There was a thread on these guitars recently.

I have one - a Martin XC1T, which I bought in 2006 and, I have to say, it has an excellent sound - ironically better than the OM I traded in! I didn't buy it because it had the Martin name on the headstock - simply because it sounded very nice and felt good to play.

I think the rule is - get your budget fixed on, try several new and s/h makes that fit the price - and go for sound and playability over make and looks. But that's just my own philosophy.