The best way to cut Formica or any other laminate brand counter top is with a router and guide. You won't get chips and will have nice smooth edges. If the laminate is already attached to particle board, as in many tops you see in home improvement stores, you can either score it with the router first or you can cut it on the table saw ans smooth the edge later. If you do use a saw, make sure you put a piece of masking tape over the line you want to cut on, so it covers both sides of the line. The tape softens the impact of the blade tooth and results in less chipping.