Your son sounds exactly like my daughter. When she was born there was something immediately off with her feedings. Burping was not a problem, but she would throw up everything from both breastfeeding and formula at least three times a day. We did the hold the baby upright and burp for 30 minutes after every feeding thing, the elevated sleeping thing, and so on. Then we moved to soy based formula. Three weeks later it was still happening, and she was not gaining any weight, still less than 10 lbs at one month old, so we did an allergy test where she ate nothing but breast milk for 3 days (I had already cut out basically everything from my diet that could have been affecting my milk) and then nothing but the Alimentum for 3 days. There was a noticable shift after that, so they pinpointed something in the make up of my breastmilk, the natural sugars or proteins, that was an allergen for her (respectfully diagree with what ChristyLee said below) and causing her pain, discomfort, and vomiting.
We cut out the breastfeeding, and went to straight Alimentum. She still had issues, but it was much less often. Fast forward two months, still having problems and still not gaing weight, we finally came up with this, that worked:
1 tsp rice cereal, 2 droppers of Mylicon, 1 dose gripe water per 4 ox. bottle. This was all done under the advice and assistance of her pediatrician. When you find the right combination, it will be somewhat of a miracle, since there are options that really can work.
The good news is, he will grow out of it. Our daughter is now 3 1/2, she can eat pretty much anything she wants. She is still low on the weight chart, but nothing like she was before.
Good Luck!!!