I agree with the previous posts that Raintown Review and Measure (in that order) are the best of the formal print journals.
I like
32 Poems too — very formal friendly, with a nice mix of unknown-to-me poets and big names (commissioned, maybe?).
I think Poetry is essential. It can certainly be exasperating, but I like the commentary and letters, and the occasional Stallings or Murphy poem is enough to keep me subscribing. Plus, it's reasonably priced.
I get Ploughshares too, but it's been a long time since I found a poem in there that really excited me.
I'm just starting to investigate the formal online journals. There are some beautiful ones out there. I've been impressed by
The Flea,
Umbrella, and
Mezzo Cammin (a gorgeous site!).
For more, check out Rose Kelleher's list
here. It's a favorite resource around here, and it's been very helpful to me.
Burt