The New Worlds Observer (NWO) mission is designed for the direct detection and characterization of extrasolar planets. The NWO mission concept employs a two spacecraft leader-follower formation on a trajectory around the Earth/Moon-Sun L(sub 2) Libration Point. The leader spacecraft is baselined as a 4 meter optical telescope. The follower, Starshade spacecraft, is designed to suppress light from a central body star permitting direct detection of a surrounding exoplanetary system. The current design requires a nominal leader-follower separation range of 72 Megameters. NWO poses many challenges including formation control. NWO cycles between three principal control modes during the nominal mission timeline: science (fine pointing), realignment and transition. This paper examines formation control strategies in the context of dynamics of relative motion for two spacecraft operating in the vicinity of the Earth/Moon-Sun L(sub 2)libration point. The paper presents an overview of the equations of relative motion followed by a discussion of each of the control modes. Discussion and analysis characterize control strategies for each of the mission control modes, including requirements, implementation challenges and project fuel budgets.