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mkseven said...
In short- neither are suitable.
Formula boards are better as they are easier to use but they are too fragile to teach people on.
Old race boards are easier for people to go upwind on due to the centreboard but are a bit more tippy and still a bit fragile.
New learner/entry level freeride are fantasitcally easy to use, stable, strong, acceptable upwind and often are covered with nice soft grippy foam.
If it's for a learner the above is true although "learner/entry level" boards are ridiculously heavy slow and useless

IMHO

If it's also for yourself formula and raceboards (I have both)will get you out and planning on those bewdiful balmy summer days when every one else is whinging about the lack of wind.
You can pick up an old raceboard (make sure it's a raceboard 3.8m not the shorter Funboard) for around $100, make sure you get the centrboard with it as it's worthless without it
Do a search in buy n sell here and you'll find you can pick up a Formula board for $300 - $500
I was out on mine Yesterday in 5-10kn with a 9m and planning 75% of the time.
Bl**dy cheeep fun I reckon

To get the most out of a formula board you're going to need a 9m sail which means 490 mast and 250 boom with a 65 fin and reasonable deep water.
Whereas with a race board a 7.5m sail, 460 mast, 220 boom is heaps and also great in shallow water with weedy and centre board raked back
And when it comes to teaching the kids on it buy a mast "Deviator" (or glue a few pool noodles round it) and a stick of "Knead it" what have you got to lose