I've formatted my 2.33GHz C2D MBP literally like 10 times (don't ask why so many times; not important) and it's really an easy process. I will say this though, it is a time-consuming process depending on how big your drive is and how you format it. I have the 120 or 160 GB HDD (can't remember now to be honest) and when I zero out the data it takes a good hour to do so. Then you have to re-install OS X (another hour), then you have to set up your preferences, do all of the software updates, etc so you're looking at a good 3 hours total time if you know what you're doing.
I say GO FOR IT only because it's a good learning experience (and I take it you have no important files on your MBP yet to lose), you get to do a custom install (and not install all those ***** trial applications grrrrr, and save some space).