If you are saving your camera settings on the memory card, then yes it will be lost when formatting the card. That won't delete your camera settings you have set up in camera though. I have a few cheap 256mb CF cards just to save camera settings on, that way I can choose which camera settings I want to use at the time. One has this spreadsheet.. another has my own invention... and the third has Thom Hogans suggested settings. I've also saved these settings on a backup disk as well.