I have had Hope Mono's for years now. The front this year finally needed a rebiuld anf I like the feel and the easy bleeding. The only thing I don't like about the formula's and Avids is the little bit of extra faff in bleeding them.
If I was buying new brakes then I would choose, either Avid Elsir 5 or 7's (for weight), Shimano XT, or Hope as they have served me so well. But as the Hopes are still serving me well I don't need to. Also Bearin mind Hope still support all there old brakes. Formula do not support their old brakes and a customer had to take his back to the Italian bike shop he bought them from to get them repaired as no lever spares exist over here.
Avid spares are quite expensive. The rebuild kit for Code brake caliper is something like £60 IIRC. I think my Hopes cost me a hand full of pounds for new pistons.