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A formal declaration of war is just that, a formality. Unfortunately, there is no clearly indentifiable enemy, since terrorists do not represent a specific country, entire group, or population. Also, they run and hide, and do not face the enemy on a battlefield wearing the uniforms of their cause or country. These individuals do not follow any conventional notions of warfare as we know it, so they cannot be considered soldiers. Furthermore, since they obey no laws, abide by no international agreements or conventions, or observe no limitations as to weaponry, tactics, or behavior, formal declarations of war and intent on our behalf are meaningless to them. As for domestic symapthizers and fellow travellers to their cause; I believe when the President and Commander In Chief declared that we were at war, a formal declaration of this fact could said to have already been given. Even without a state of war being declared, anyone who is proven to have treated, aided, or abetted an enemy of the United States should be considered as a traitor and dealt with accordingly. Julius and Ethel Rosenberg were executed for treason although we were not at war with the Soviet Union. Unfortunately, later acts treason have not been punished as in the cases of Aldrich Ames and Robert Hanson, and these involved military secrets also given to nations we were not at war with.

No, it is not a mere formality. It is necessary for the US to wage a war. The President doesn't have Constitutional authority to conduct a war without a declaration and Congress has no authority to pass a War Powers Act allowing any such thing.

Vietnam was a textbook case of what happens when war is waged without a declaration. The President is hamstrung, and Congress gets to conduct the war by committee. Treason isn't punishable, and Congress becomes a cesspool of treason.

A declaration of war can be issued by Congress against those known to sponsor and commit terrorism, the Taliban government, Hamas, Hezbolla, and every other organization with a name. The US has declared war before on a gang of pirates. Treason in time of war is a hanging offense. With no declaration of war, people like Aldrich Ames go to prison. With a declaration of war, even a sitting Senator would hang for treason, and it would happen quickly by military tribunal.

You should read the US Constitution sometime. It's fascinating stuff, and it's roundly ignored by almost every elected official in the country.