The fact that 2 weeks ago St Augustine was behind Choctawhatchee in the power rankings despite the same record and St Augustine having a significantly better sos

They've definitely made some adjustments to the formula this year and seem to have incorporated (secretly) some form of margin of victory, based upon the results I'm seeing.  The rankings are much better this year than last year even if they still have big room for improvement.

All evidence suggests it would not. The computer rankings, Maxpreps,  Laz, etc. factor in strength of schedule. Just look at the two teams I mentioned earlier who got left out despite having better w/l records. Also instead of 8 teams per region (32 total)making the playoffs,  only 3 teams per region (12 total) would.  Would you like some real examples?  

(Rural) Madison County (1A) Episcopal (2A) Florida High (2A) Cocoa  (3A) Berkeley Prep (3A) Jefferson  (3A) Eastside  (3A) Key West  (4A) Ed White  (4A) Naples  (5A) Beachside  (5A) McArthur (6A) Pace  (6A) Mitchell  (6A) Monarch (6A) South Lake (7A) Dr Phillips (7A) Western (7A) Goleman  (7A) Sumner 

That would reward teams who play crap schedules just like the current format rewards record far too much in formula