Slyder, it's not exactly a study but very interesting facts none the less - I posted yesterday (I think) a list of ingredients in both formula and breastmilk. While there is no study attached to it, comparing the list, you'd be able to come to a conclusion yourself that the huge list of things in breastmilk compared to the smaller formula list would be a big indicator, especially the fact that breastmilk has many live ingredients in it which science will not be able to replicate in the forseeable future, like white blood cells.