Oracle Text

WUBRG: Fleshformer gets +2/+2 and gains fear until end of turn. Target creature gets -2/-2 until end of turn. Activate this ability only during your turn. (A creature with fear can't be blocked except by artifact creatures and/or black creatures.)

Card Rulings

2/1/2009 Fleshformer's ability has only one target: the creature. If that creature becomes an illegal target by the time Fleshformer's ability would resolve, the entire ability is countered. Fleshformer won't get +2/+2 and won't gain fear.
2/1/2009 Fleshformer can target itself with its ability. The result is that Fleshformer gains fear, since the +2/+2 and -2/-2 parts of the effect will balance each other out. (Fleshformer's power and toughness will each momentarily go up by 2, in case anything cares about that.)