You know what format it comes in IF it's formatted and accessible(shows up as empty drive on doubleclick) and you rightclick and select Properties to see its filesystem. If it's 4GB or less and it's formatted FAT(that's what FAT16 is reported as by Windows) then there is no need to format. If it's formatted FAT32 that's quite useless and it can be quick formatted FAT16 in just seconds.
When you're buying, and then using a memory with a flashcart, your main concern and pickyness isn't its size, it's its speed. Freezes with certain games and movie intro lags are consistent with slow read/write and access times. These slow times have causes at two ends. 1. The memory is too slow 2. The firmware or its settings are too slow.
Efficient formatting is thus very important, as important as speedtweaking the kernel it's running on. Cluster sizes are also known to enhance speed, though by less than FAT type formatting. I personally recommend reformatting a drive formatted in factory for safety reasons: you never know. It is also very possible that the drive is NOT formatted and still shows up as empty on your computer. Sometimes formatting procedures performed in factory testing leave the file tables in such a way that the system considers it formatted when it isn't. If you remember back in the 90s this was a very prelevant issue with diskettes as they showed up as formatted, but you would copy files onto it it would act bizarrely slow and when inserting into the comp a second time, or when inserting it into another comp it would show up as not formatted. Windows doesn't check the WHOLE meemory when you insert it, it just checks if basic partition data is on, it is possible that further on cluster structure is missing(partially formatted as part of a factory test?) and when your file writing gets to that the whole partition table will crash. Thus to avoid the issue I recommend formatting it.