I would go one or the other. In my old house we did mostly formica and then a corian for coffee area and it didn't really make it any better for the price. Having 2 different type of surfaces may just clash espeically if you do a granite like formica.

Have you shopped around for granite? its a lot cheaper than it used to be.

I think having the granite or quartz on the raised counter will look nice. Maybe tie that color in with the dining room and have the formica match the kitchen colors. A fun accent (like blue or green) on the raised peninsula could be a real conversation piece...but of course, neutrals are always nice, too :)

As long as they go together without one looking like an imitation of the other, it can be a nice way to go. It especially works if the granite bar is hanging on the more formal side, which may or may not be the case for you. Granite's just a little more appropriate for being out of the kitchen than laminate somehow.