Does this term sound kind of a formal to you? To me it does. In some areas like Australia though, they use it in everyday speech. And what about "soda pop"? Does anyone actually use that anymore? It seems that the shortened forms "soda" or "pop" have replaced it.
I think “soft drink” is common in any non-native variety of English. We aren't usually taught any slang term. Though the term I learnt in school, because we learn British English, is “fizzy drink”.
One of the more outstanding variations (from a native speaker's lips) I've heard is "Sodie pop". Don't know how common that is in the English speaking countries though.
I have always called it soda. I am not sure, but I heard soft drink is a regional thing in the US. I live in the South, and everyone says soda or soft drink while the North says pop. My father claims Southerners refer to all soft drinks as "coke." That includes Sprite, Sierra Mist, etc. I have not heard many people use coke to refer to all sodas often, though.
"Soft drink" sounds like what you'd hear in a commercial for fast food or something, but not use in everyday speech. It would just sound strange to me if a friend turned to me and asked "Do you wanna soft drink?"
Then again "soda pop" and "pop" sound strange\old fashioned to me, too. I've mostly always heard "soda" or just the names of the drinks themselves; "Do you wanna coke\pepsi\sprite\etc?"