The formulae are based on the Chinese philosophy of balancing the yin and yang in food. A pinch of the powder goes a long way.
Although this spice is used in restaurant cooking, many Chinese households never use it in day-to-day cooking.
A versatile seasoned salt can be easily made by stir-frying common salt with five spice powder under low heat in a dry pan until the spice and salt are well mixed.
Sample recipe
Here's a basic recipe for home-made five spice powder.
Roast two teaspoons of Szechuan peppercorns in a dry frypan for about three minutes.
Grind the peppercorns in a pepper grinder or coffee grinder together with 8 star anise pods.
Strain the ground spices to remove any larger bits.
Mix together 1/2 teaspoon ground cloves, 1 tablespoon ground cinnamon, and 1 tablespoon ground fennel seeds.
Grind the completed mixture until it is a very fine powder.
Use sparingly, as it is extremely pungent.
See also
The Wikibooks Cookbook may have additional variations on this theme