Out of curiosity, I looked for Leibniz's formula on Wolfram. Didn't find it, but I did find another formula:

So, I just used that and came up with:
Program MathProblems;
var
Answer:Extended;
procedure PieMaker;
var
cycles, i: Integer;
begin
cycles := 300;
for i := 0 to cycles do
Answer := Answer + (pow(-1, i) / ((2 * i) + 1));
Answer := Answer * 4;
end;
begin
PieMaker;
Writeln(''+FloatToStr(Answer)+'');
end.
Just another way to do this I guess.
After changing the number of cycles to 10000, I get "3.14169264359054". Getting close. xD
Edit: Currently trying out 100 million cycles, its been about 3 minutes since the program started and my laptop is kicking into gear. :P
Edit 2: I'm fairly certain this is the same formula as your's, just in the form of a summation.
Edit 3: STILL GOING.
Edit 4: After 100 million cycles and almost 20 minutes, I got "3.14159266358979". :D