There are a stack of benefits apart from the health of the baby. I can't comment on the medical benefits of breast milk versus formula, but consider the following:

• Breast milk takes no preparation, it's ready to go. When you have to get out of bed every three hours to feed the baby, you won't also need to mix and warm the formula, sterilise the bottle or clean the bottle. You can get another thirty minutes of sleep before you need to take the back to bed.
• Breasts produce and maintain the quality of the milk without the need for manufacturing plants, packaging, freight, refrigeration or heating or waste. That is a massive envirnoment saving over formula.
• Breast feeding means you won't leave the house to visit friends or places before realising that you left the bottle and the formula at home (refer rule #1).
• When your wife is breast feeding, she has at least one breast visible to the naked eye!

Having said all of that, you must always support your wife in her decision to breast feed or not. Breast feeding can be very tricky, and for some women is simply not possible, or they simply don't want to. Support their decision or breast the kid yourself, you choose.