Some babies just spit up. A lot! My son was a big-time puker. I could hear it splooshing on the carpeted floors. But his doctor said as long as it was not projectile and that he was still gaining weight, it was fine. Over-feeding did make it worse so keep an eye on that.
We played around with formulas and even spent the big bucks on the speciality formulas for spitting up and it didn't do anything other than change the colour of his spit-up.
I think the true tale if you should make the switch is going by the poops. My daughter was colicky and when she was little needed the reduced-lactose formulas. She got green, runny poops on regular formula so I had switched to the Gentle Enfamil. But it was sooo costly. I switched to Similacs' Gentle because it was cheaper and I was constantly getting really great coupons from them. However, her poops became small and very hard (like stone) and still green. She SCREAMED everytime she pooped and she would get so red in the face. I had already read similar reviews about the product so switched back to the Enfamil. Once she outgrew the colic I was able to go to the regular storebrands. She's totally fine. Oh, and she is NOT a puker.
We currently use the Kirkland regular iron-fortified brand from Walmart. Our public health nurse it is essentially the same as the expensive stuff.