Have I heard of them? They've eaten my house. It is possible to get rid of the individual colony, but impossible to eradicate in a given geographical region. I think the French Quarter had some success in treating the entire neighborhood.
The formosans live in colonies underground, and the workers build mud tubes to get from the colony to wood above ground. The workers travel back and forth to the food source, but the colony is under the ground. The best way to treat them it to find a VERY AGGRESSIVE pest control company, and have them spray the heck out of the soil all around your property. The workers eat and regurgitate wood to feed the colony, and if they can't return to the colony they will stop feeding, so in the meantime, go and knock down every mud tube you can find.
One last thing...do not waste your time with bait traps. By the time the bait traps are effective, your house could be structurally unsound. And the formosans swarm in June, so you owe it to your neighbors to get rid of these things before they move on.
New Orleans has so many of these horrible little boogers that it literally rains termite wings for a few nights every June.