[qa]The land would not be formless if it was covered with water, it would have exactly the same form that it has if it's not covered with water. Formless implies without form (like a potters clay). Is formless the correct translation?[/qs]
The reference to a formless piece of clay is a great illustration to demonstrate how the term applies to the state of the earth of that period. - After the potter has *formed the clay, it now has shape(or form). Prior to being formed, the clay was formless(void of characteristics).
I'm not sure if this is the best rendition of Hebraic Genesis, describing the earth as 'deserted and empty'. However, we really have to take into consideration that the KJV translation was originally transcribed in the early 1600's.