Yeah!! that was exactly the same for me!!! And no other guy have had this problem.
I formatted my TF for several times (min. 10 times with this f*****g Panasonic thing), and it was always the same. No one have a solution for my problem. I solved it by formatting the TF with Gparted (on Ubuntu), but perhaps it is solved too, when you format with HP USB Format Tool. I do not know whether this was an issue with my Vista, or with the TF, but all works now!!!
Try it and you will see all problems seems to blow away!!
P.S.: GParted is available as a Live-CD http://gparted.sourceforge.net/livecd.php, so you do not have to install another OS, Download GParted.iso, burn it, start the burned CD, delete the partition from your TF, create new partition (fat32), format TF and enjoy Akaio 1.6RC1 with your settings
I really can live with this, since I onlye have to press R a few times and turn the save to .nds.sav to continue working. When I get the patience to, I'll try the gparted, but not now, it sucks to wait for aproximately 2h to back-up+format+re-organize the SD.
If anyone get a successful shot with the format tool, post here, please.
also on a related note, i should start treating my keyboard better, my friend saw my keyboard while visiting my house and he said "holy shit why is it this dirty do you like shove it up your ass right after you clean it or something"