At XJT on the CRJ side we use Sabre's prefbid. It's an amazing system with the ability to maximize vacation and have control over your schedule. I've been on reserve, mid line holder and number four with both prefbid and line bidding and have been most satisfied with prefbid.
There are no formulas or algorithms to learn; simply cherry pick your trips or choose your preferences.
Regardless of the system, the negotiated rules are the most important part of any bidding system.