a binary relation R is an equivalence relation if for all elements x, y, z in its domain, R satisfies:
an equivalence class consists of all elements x,y for which x R y
within an equivalence class, all formulas are semantically equivalent
each equivalence class contains infinitely many formulas
one class contains all tautologies, another all contradictions (all semantically equivalent)
for two vars p,q there are as many ≡-equivalence classes as truth tables for p,q — i.e. 16
for one variable p, there are two valuations (T or F)
for two variables p,q there are four valuations (T or F for each var)
etc. for n variables, there are $2^n$ valuations and $2^{2^n}$ equivalence classes.