I never knew there was a formula for determining the length of a synopsis, but I think it's a great way to start summarizing your story and get you headed towards creating a 1-2 page synopsis (which seems to be the current requested length). Eventually, by honing it all down, you might even compose that dreaded 1-2 sentence "elevator" pitch (frankly, the thought of that makes me cringe--actually pitching my work to an editor in an elevator! I know it's done, and maybe even expected, but to this introvert who follows the "manners-manners-manners" rule, it just doesn't sit right).
And speaking of synopsis writing, for anyone interested, the Ventura/Santa Barbara SCBWI region is having a workshop in Bakersfield, CA on March 7, 2009, titled "Taking the Pain Out of Writing Synopses and Queries." Click HERE for details.