i've just used this tool to format a 500gb partition on my WD 1TB external, worked fine, instantly done, but i did have to click off the drive in the selection menu and back to it to check if it had done it, currently qued up and adding 50+ games to try in the morning. seems to work well
i havent tried renaming, hope it works ok
just as a heads up, the partition was created in vista disk management, half and half, second half was formatted as ntfs, the first half (for use with the usb loader) was set as primary partition unformatted