I'm interested as well, last time I tried it wouldn't do anything (from the phone, haven't tried from Windows).
Windows also give me a "Do you want to scan and fix" message everytime I plug it in, although that won't do anything either. I know it's not related, but that's the reason I want to format it. There's no way I'm going to start using the "safely remove hardware" thing, everything is working just fine when I just unplug it without notice, except for that pesky message which has been showing up for months now.