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@tristoo
I found this:
how to replace the bearings in your formula hub - Bike Forums
It has pictures of changing the sealed bearings in Formula hubs, I've been commuting since just before christmas on my formula's and I think the rear bearings need replacing, it sounds like something is rubbing near the hub on most revolutions, I popped the covers off the bearings and the look fairly well greased still but don't run silky smooth, I can't believe sealed bearings would have problems that quick, but I've regreased and stripped everything else to do with the transmission to no avail, anyway the noise is driving me mad so I've bought some replacement 6000-2RS bearings from ebay at 59p each and will see.