Here is the quick explanation of the calculations Zblader used.
1) Start with the attack of you creature.
3 attack
2) Add 1 quanta per point of attack
(Fire does this differently)
3
3) Move onto HP.
(Earth does this differently)0 HP is worth -2 quanta
1-5 HP is worth 0 quanta
6-7 HP is worth 1 quanta
8-9 HP is worth 2 quanta
10+ HP is worth 3 quanta
4) Consider the Skill value. There are 2 lists of skills that have already be assigned values. You can try to deduce the value of a new skill by comparison, guesswork or further theory.
5) Expensive skill and cheap skills modify the cost.
Creatures:
1 quanta skill: +0
2-3 quanta skill: -1
4 quanta skill: -2
Permanent:
1 quanta skill: +1
2 quanta skill: +0
3 quanta skill: -1
6) Cards that require 2 types of quanta cost 1 less.
7) Aether, Life and Light creatures cost 1 less
8 ) Add all these values up.
9) Upgraded cards cost 1-2 less than there calculated value.
@Uppercut. Yes we are still using the formula because no better formula has been worked out and presented in sufficient detail. Yet. (Zblader and you both seem interested enough to try to improve upon the old.)
Using 
again. 1 attack costs 1, +1 for being a fire creature = 2|x for 1. Add burrow +0 to cost, it being off element = -1 for cost. 2|5 for with burrow for free? Upgraded you could go 3 cost = 4|5, + 0 for burrow, -1 for off color, so 2 cost, -2 for being upgraded = 4|5 burrow for free.
So a 2|x for or a 1|x Burrowed for ? (If a skill is not intended for use then it does not count toward the balance of the card)
Upgraded (I note how you instinctively went for -2 when only half the cards do so)
4|x for or 2|x Burrowed for ?
I remember doing this to PhantomFox when he first made his attempt at a standard. It is really useful. Please keep the examples coming. (To clarify the emotional content: I am pleased that you are helping test the formula. Thank you.)
