I would be concerned as to how your stove vents. If there is a significant venting too close to the formica backsplash it could warp or melt the formica over time, particularly if the oven is used for long periods of time. Think about haveing a piece of Corain or stone ( quartz or granite) that you can just place in that area , and remove for washing. I would be very leary of formica and the glue used to hold in place. If you want to remove it you will pull some of the dry wall off. You could even do some decorative punched tin.
By the way that is one tidy kitchen!