Hypothetically you are put in math jail and the jailer says he will let you out only if you can give him 707 digits of pi. You can have a ream of paper and a couple pens, no computer, books, previous pi memorization or outside help.
What is the best formula to use? Where best will result in the least margin of error (most important) and is decently quick (second importance).
707 probably seems arbitrary, but I got it from here: http://en.wikipedia.org/wiki/William_Shanks
Also I don't really understand how he could use that formula because I thought you need a table to get arctan values or it would probably take a long time to make values of arctan to use in the formula, but that isn't too important.
I asked this question today because it celebrates the most accurate pi day for the next 100 years :)
Gauss–Legendre algorithm is really good, it only uses four elementary operation and square root; it also converges very fast.