The number of possible formulae depend on the accuracy and precision of the instrument. Usually the lower the MW, the fewer the possibilities. Also can use sample history and isotope ratios to minimize possibilities.
Another approach is to use in-source fragmentation instead of MS/MS. We have a TOF MS (single stage MS system, Micromass LCT TOF) and use in-source fragmentation to get substructural information. Thus the instrument does "pseudo MS/MS" and accurate mass. Accurate mass can be done on the parent ion and the fragments.
Normally run five experiments in one LC separation. One function is low energy in source for MW in positive ion, another at higher energy for fragments in positive ion. The third a low energy at negative for MW, the fourth at higher negative energy for substructural fragments. The last is the diode array. Thus can get a lot of information in one LC injection.
In-source depends on doing the separation of the components on the column since not multistage separation with two mass specs in tandem. Also, some molecules can give solvent adducts with the parent molecule and with the fragment ions. Acetonitrile seems to be worst than methanol in electrospray positive ion mode.
Need to be aware of the limitation of dead time correction on TDC type TOF instruments. We have some info in accurate mass section at
http://users.chartertn.net/slittle. A ADC system discussion can be found at
http://www.agilent-biomarkers.com/docs/pro_3.pdf and is compared to TDC type system. I have heard in the past that the TDC is more sensitive than ADC, but the former less dynamic range. Would just have to look at an individual systems performance to determine which is best approach.