As Sasho suggested, I am putting my comment as an answer.
The separations between monotone versions of $\mathsf{NC}^1/\mathsf{poly}$ and $\mathsf{P/poly}$ versions of complexity are long known (Karchmer-Wigderson, Grigni-Sipser, etc), but in the non-monotone world almost nothing was known. Fortunately, Ben Rossman has recently found the first separation of formulas vs. circuits in the bounded depth setting.
Let $\mathrm{Circuit}(S,d)$ (resp., $\mathrm{Formula}(S,d)$) denote the set of all boolean functions computable by unbounded fanin circuits (resp. formulas) of depth $\leq d$ and size $\leq S$. It is clear that
$$
\mathrm{Circuit}(S,d) \subseteq \mathrm{Formula}(S^d,d).
$$
In particular,
$$
\mathrm{Circuit}(n^{O(1)},d) \subseteq \mathrm{Formula}(n^{O(d)},d).
$$
What Ben has shown is that, if $d=d(n)\leq \log\log\log n$, then
$$
\mathrm{Circuit}(n^{O(1)},d) \not\subseteq \mathrm{Formula}(n^{o(d)},d).
$$
Even more important is that he shows this separation on an explicit and basic function $\mathrm{STCONN}(n,k)$: given an $n$-vertex graph, decide whether it has an $s$-$t$ path of length $\leq k$. This function is in $\mathrm{Circuit}(n^{O(1)},\log k)$.
His main result is: if $dk^3\leq \log n/\log\log n$ then
$$
\mathrm{STCONN}(n,k)\in \mathrm{Formula}(S,d)\ \Longrightarrow\ S\geq n^{\Omega(\log k)}.
$$
This implies a tight depth lower bound: if $k\leq \log\log n$ then
$$
\mathrm{STCONN}(n,k)\in \mathrm{Circuit}(n^{O(1)},d)\ \Longrightarrow\ d=\Theta(\log k).
$$
The existing techniques for small-depth circuit -- namely switching lemmas and approximation by
low-degree polynomials-- do not distinguish between formulas and circuits due to their
bottom-up nature. Top-down arguments, as Karchmer-Wigderson games, are difficult to realize in the
non-monotone case. What Ben uses is a combination of these arguments.