Sorry if this is totally off, I don't don't have any thing like this for myself... but can you format flash media like this? Or are you stuck with whatever FS is put on there in the first place?
NTFS at the point in time would be a stupid move by manufacturers. Not from a technical point of view, but from a marketing point of view. Why would the want to market to just NT4, 2K, and XP when they could market to the above as well as 95, 98, and ME?