As far as fighter aircraft or small light aircraft flying as the wingman in formation, I agree with that's been said in the other answers. However, larger aircraft than these can fly formation, and in some cases autopilot use is a little more common than these answers might lead you to believe.
First, the lead aircraft has an entirely different task than the wingmen: his objective is to be a stable platform for them to maintain formation off of, and so for Lead to have the autopilot engaged is entirely possible in many scenarios. (Not so much if Lead needs to do lots of maneuvering, but if you're going a long distance straight & level, the autopilot can do that very precisely, leaving the pilot(s) free to devote attention to whatever other tasks may be required: communicating with AWACS/wingmen/Command Post/ground party/other flights, assessing the situation with regards to threats/weather/mission/whatever, eating lunch, etc.)
In the case of Aerial Refueling, it's fairly common for the tanker to be on autopilot, since this gives the most stable platform for receivers. When the receivers are more nimble than the tanker, this isn't such a big deal; when the receiver is another heavy, it helps. When the receiver is really heavy and performance limited, having a stable lead (i.e. the tanker) helps a LOT.
Beyond this, wingmen can also be on autopilot if the type of formation allows it. If you're stacked 500' above and a mile behind Lead, crossing the ocean for the next several hours, there's no reason at all not to use the autopilot! If you have the waypoints that Lead is using, you could even couple the autopilot to the FMC, and just adjust the throttles to maintain the desired spacing. If not, then you manipulate the heading bug to keep the position you want left/right. At the point when you get ready to do something like airdrop or a formation landing, the autopilot will come off, but for a long, straight cruise portion, it's entirely usable.