As for the formula being easy to remember and do in your head, perhaps so when shooting at a stationary target, but with game in your sights the flood of adrenaline has a way of befuddling the mind.
Not to mention getting the range measured. If I had to do math formulas in my head in the field while keeping an eye on an animal (which might move any time and screw up the shot) I'd just go ahead and shoot myself.
Seriously, if you use the formula to figure out what to write on a card and it's accurate, that would be a good use of the formula. With so many good apps and free spreadsheet formulas for your computer, personally, I'd just get one of them and let it do the math for the card.