All well and good, my personal opinion about it is that i don't really need generics in my lists. I like the idea of having a unique named guy in the cockpit, with a unique pilot ability.
However the "Squad" idea is a very good one that i remember having discussed multiple times over the years.
Imho this should not be a dumb discount on a certain generic spam however.
What it should be is that you pay a certain amount of points and then you have a limited choice of ships for your list that makes somewhat sense fluffwise.
For example you take only Gold squadron Y-Wings and have as a possible option to include Dutch Vander. For the spent squad points and limitations you took, you could for example get a powerful squad ability, or unlock new tech choices or even a one-time powerful attack, discounts on a certain equipment etc.
There is really no limit to the stuff you could give as a restriction or bonus. But if well done this would make these "Formations" a good excuse to take a consistent squad of one ship type with one named character that fits te squad well instead of just mixed aces.
The attractivity of taking this depends on the power of the gained boons, so you could very well make a squad of all Tie-Bombers or X-Wings with a lot of points into generic pilots competitively viable. It's just a question of good balancing and playtesting really.
For my part i would rather have seen this introduced than the Condition mechanic...