I don't know how much the formula changed. I know they went from "long-wearing" to "12-hour" and the packaging changed when they did that some colors like Flush and Blushing Bride changed significantly and got A LOT lighter.
I am kind of obsessed with them now. I have noticed that they don't swatch terribly well but they look great on. I mean some of the online swatches really look awful and even when I swatched stuff on my arm I was like "Really?!?!" but then it actually works.
And some of the blushes are drier and have to be "broken in". I think it's because of the whole clay/baked thing, but that's also why they wear so long. I had to work very hard with Tipsy at first, really digging the brush in there until it loosened up some. It is still one of the drier blushes in that it doesn't pick up as easily with one stroke of the brush as others do, but it's much easier to work with now and the color is wonderful.
I had a bit of a scare when I ordered Captivating sight unseen and then saw it in store. It was way lighter than I thought it was going to be but it gave a really nice warm flush when blended in and it practically stained my arm. I think it's similar to NARS Gina which I use under blushes a lot (read pretty much always) to brighten up my cheeks before putting a more colorful blush on top. And I think in general that blushes that seem a bit light/bordering on too light but have a coral/peach/orange (even a warm rose) tone to them can be pulled off and flattering in a way that light pink and mauve ones can't and they just end up looking ghostly and ashy.
But it was a close call with Captivating and I don't think I'm ordering anything I can't find multiple swatches of (i.e. blushes from the QVC/Holiday sets). There are some on ebay that look interesting but I can only find other ebay pictures not actual swatches. So I think I am going to make that a shopping rule.
Now I'm really sad that I dragged my feet on the Coral Crush Palette because that blush looked like Dollymix. I keep checking the site because sometimes Sephora does restock sale items (like the Cream Lip Stains) but I know it's a long shot.