Ed, what field type was that formula field? If it was a formula Rich text field can you try a field type of formula text and not formula rich text.
You will then see code like this.
<span style="color:#FFFF00;"><span style="font-size:11px;"><span style="font-family:tahoma,geneva,sans-serif;"><span style="background-color:#FF0000;">hello</span></span></span></span>
Now, if your users have gone crazy with formatting it will be difficult to parse out the actual words. In my case my field said "hello", and I had lots of formatting.
But if the formatting is standard and you post the resulkant HTML code like i did, we may be able to write a formula to parse out the actual words.