I've tried it as something called "Formalite" - formalin and malachite green that I mixed up myself. I would use it on severe cases, when I didn't think that copper would work fast enough - I would start ramping up the copper the next day.
I'm just not a fan - maybe because I was only using it on severe cases, but it didn't seem to work any better than copper alone. Also, malachite green is apparently something that builds up in fish tissue - if you dose a tank with it, change all the water, and dose it again, you can get a reaction in some scaleless fish - unlike what you would expect - if the fish could handle a certain dose, changing all of the water and re-dosing to the same level shouldn't be a problem, EXCEPT that the fish were building it up in their tissues. Oh, and it is considered a carcinogen for people.
Jay