If having faith toward God at your baptism was all there was to it, why did the disciples of John HAVE to be re-baptized? I assure you that when they were baptized the first time they were wanting to please God. So if they had faith in God and wanted to please God they should have been ok.
The problem is this, it is NOT an outdated ritual or inconvience. It is a matter of salvation. How it is done is a matter of salvation.
Acts 4:12 still says that neither is salvation in any other, for there is NO other name (or title) under heaven given among men where by we must be saved. Titles won't work because there is no power in calling his titles, it must be the name.
As far as the formula posted in the start of this thread, I am not comfortable with it. Mattew 28:19 is not a formula to be repeated it is a command to be obeyed. The only way to obey it is to be baptized in the name of Jesus. Jesus is the name of the Father. Jesus in the name of the Son. Jesus is the name of the Holy Ghost. Jesus is still the only saving name.