Just my $.02..... if you think you're going to be spending a lot of time on it, I'd consider going with a bigger one if at all possible. However, if trailering is a requirement, you're really limited with choices.
We have a similar boat (Donzi Z275 cruiser) and while its fine for 2 people and overnighting, we wish we had a bit more space. As as result, I'm looking at a 31PC.
We've spent many nights on our Donzi, and its really fine for 2 people overnighting. All you need a full size berth, a well equipped galley, and a nice head (get a vacuflush!). Its not until you start entertaining down below that it gets tight. Its fine for spending time on the deck with friends though. Its nearly the same layout and size as the older 27PCs. Our Donzi is 29'6" long and 8'6" beam, so its about as big as you can get and still be trailerable without a permit.
On the other hand, if you're looking for a steal on a used Donzi, ours will be available for a great price soon. Donzi and Formula have a similar heritage as both were started by Don Aronow. If Donzi still made a 32' cruiser I'd probably have a tough choice to make.
Hope this doesn't violate any rules but I REALLY want a 31PC so its worth a shot.
2000 Donzi Z275, 7.4L Mercruiser fuel injected, bravo 3 duoprop. It'll run 40-45mph and cruise at 32mph. Loaded with vacuflush head, ac/dc fridge, microwave, stove, air conditioning, hot/cold pressure water, GPS chartplotter, LCD TV, full canvas, CD/MP3 stereo, 3 sinks, custom snap in carpet in the cabin and cockput, full fiberglass cockpit/cabin liner, etc. Its in great condition and has a lot of upgrades. Used weekly so it runs perfectly. Full survey done last fall. I'd like to sell it rather than trading it in that way I have some more negotiating leverage for my 31pc. If I could do that, I'd sell it for ~$34K firm. A bit less if someone didn't need the GPS and electronics. That’s $5-10K less than book value and all the other 2000 Z275s are priced at ~$40K and up.
Here are a couple of pics:
http://attackthecorners.com/DonziB.JPG
http://attackthecorners.com/DonziD.JPG
http://attackthecorners.com/Donzi10.JPG
http://attackthecorners.com/Donzi11.JPG
Regardless, good luck with your search. Formula makes a great boat.
-Dave