HP USB Disk Storage Format Tool
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Full user review
"Simple. Works great in Windows 7."
Dead simple to use. Allows for FAT32 partitions over 32GB. Works as advertised.
Should really install itself in Program files directory rather than C:\DriveKey as default.
To those having trouble running this in Windows 7, right-click and 'Run As Administrator'. It's very common for Windows UAC to block a program like this, especially one that can format a drive. This is a Windows security feature, not a failure of this program.