I'm bummed out to see a startup fail, every time, but not everyone can make it. This Twitter world is very competitive.
If you didn't know about Formulists, it doesn't matter much now, but I'll give you a quick rundown.
Formulists was a tool to help you manage Twitter lists. You could create lists based on certain parameters and then Formulists would keep those lists up-to-date. For example, a list of people that often talk to you directly.
The service never really worked for me because you had to constantly keep logging into it, and the time it was supposed to save me by making my lists was instead taken up by me having to log into the service.
Maybe this is part of why they didn't succeed. But I wish the team the best, and like they said in their goodbye blogpost, I'm sure they've learned a lot of good lessons along the way. Every failure is a true success if you learn and adjust. It is rumored that Henry Ford failed at least three times before FORD motors was born. Imagine if he had given up at the first or second try!
Good luck to Formulists, it was nice to know ya.
For those of you that want to find something that can help you with Twitter lists, take a look at SocialBro. Even though it isn't automatic, it can help you dial in a group of people and easily add them to your lists.