Thanks for your reply, Bart. It's interesting, but I want to clarify what you mean by low level format. You can "quick" format which is just a table update, or you can do a full high level format (which takes a long time for large devices), or you can do a low level format (which is rarely done, other than at the factory - in fact, on a modern IDE/ATA or SCSI drive you can't do a low level format from your computer and if you did, it would basically just destroy the drive from being usable).
So I presume what you mean is a full high level format, rather than a genuine low level format. I could see a real low level format causing issues, but not a full high level or quick high level format, other than the wear related to writing to every block with a full high level format.
I can't see any reason why anyone would attempt a real low level format on a modern drive or memory card unless their intent was to make it inoperable, so I doubt that cameras are doing that. They probably just have a quick or full high level option (and there's no need to ever do a full one - that stopped being useful when drives got larger than about 100GB (because it just took too long and didn't really provide any benefits.
Interested in any additional comments/information, though.