Watch out for those extreme opinion wrong answers on this author's opinion question.
(E) gives us the right attitude. Reasoned? Three scholarly paragraphs is enough to convince me it was reasoned. Dismissal? Yeah, the author doesn't care much for formalism.
The wrong answers:
(A) has the author in the wrong place. She's not neutral.
(B) has the author on the wrong side. She doesn't really respect formalism... at least not grudgingly. She ultimately rejects it.
(C) is far too extreme. She doesn't disregard it because she takes the time to write this whole RC passage about it.
(D) has the author back in the middle. She took a stand! She's not ambivalent.
I hope this helps. Post with questions.
Demetri