@chaley - but does the formats formula actually have to get its values from the mi object? I've not looked into the code one iota around this btw, just speculating out loud and presuming your formula parsing at some point translates the word "formats" into some function call?
I'm just wondering whether a special case can be made of it, since I would suggest it is one of the most desirable custom columns to have (for users who store more than one format) but can have such a negative startup time impact. I'm aware of the possibilities of a user deleting stuff out of the library folders directly getting it out of sync, but if it offers the possibility of a fast startup to reward those who don't do anything so stupid that gets my vote