From what I've read on this site, formal night works the same way.
As for choosing your dining time, if you like to have consistancy (time and table mates) choose early or late dining. If you like to wing it and just eat when you're hungry, try the your time dining.
Personally, I'm so looking forward to meeting other cruisers, so have a set dining time on our cruise...I also figure our teens will automatically know when and where to meet us each night.
Anyway, the food will be amazing whatever you choose, and that's the main thing...
Shari