Wow - what an effort you excellent people do towards managing the card formatting possibilities. Amazing.
I tried my little card tricks with my 700D: An old 32GB 300x fat32 card was reformatted in the cam: Fat32. Then I formatted a brand new 32 GB Lexar 1000X, which was exFat'ted just a few days ago - one of the cards I use with my 5DIII.123 btw. Result: Fat32.
OK. Forced exFat on the old 32GB card via my PC, reinstalled the next-to-latest ML (Feb 24 - hadn't seen the Feb 28!!!), fir'red the good old 700D: ML runs happily on an exfatted old 300x SD-card - ridiculous of course, cause the card won't do any good with serious moviemaking in raw.
When I returned my fast Lexar card to my 5DIII.123 after reformatting to exFat and reinstalling ML - the cam wouldn't eat the .fir update. No way, Sir. Don't like the taste.
OK, the reformatting circus probably destroyed the hidden "signature file". Reformatted card in 5D: Fat32 - no surprise, but the cam got to set her fingerprint. Back in PC, reformat to exFat, reinstall ML, and this time the 5D ate it all up with a satisfied burp in the end. Now the signature was alright.
Got to think about it. I didn't use low level formatting, either in cams or on PC, so obviously some kind of file thing has of course survived the formatting, which isn't the same as a wipe.