Technically your headers on those should be reversed hehe.
"Partitioning" is sectioning the drive into multiple pieces, and the partition table is either in "Windows/DOS style" (MBR) or in the
GUID
Partition
Table (aka GPT).
"Formatting" is the process of erasing the current filesystem on the drive, and replacing it either with a new filesystem (ie moving from FAT32 to NTFS) or wiping the current one and starting with a fresh copy of the same one (HFS+ full to HFS+ empty).
The MBR partition table is what causes the 4 primary partition limit, so you can have either four primary partitions, or 3 primary partitions and an extended partition.
GPT has a 128 primary partition limit.
Also, Windows introduced a new filesystem (specifically for flash drives) in Vista called "
exFAT".
NTFS sucks an incredible amount, and Windows allowing multiple programs to be installed at the same time doesn't help the fact that it needs defragmenting a lot to stay "fast" (ie uncluttered).
FAT32 sucks more.
OS X and Linux seem to have mastered the art of locking down the filesystem during an install to create a very minimal need to defragment. (HFS+ and Ext2/3/4/XFS/JFS/ReiserFS/ZFS)
I'm still up in the air on my opinion for the most "multi-platform-friendly" filesystem, it's going to be a tough choice between HFS+ and Ext3, especially if Snow does bring about full read/write with an official HFS+ driver for Windows.
as of now it stands like this:
HFS+ = read/write on OS X (native), read/write on Linux (can be messy with permissions), read/write on Windows (requires Transmac or MacDrive).
Ext3 - read/write on OS X (requires Paragon Ext3), read/write on Linux (native, if it's built in to the kernel), read/write on Windows with Ext2IFS (Ext2 Installable FileSystem, and yes Ext3 is backwards compatible with Ext2, just like Ext4 with Ext3).
NTFS - read/write on OS X (requires NTFS-3g or Paragon NTFS), read/write on Linux (native, if it's built in to the kernel/NTFS-3g), read/write on Windows (native).
FAT32 - read/write to OS X (native), read/write to Linux (native), read/write to Windows (native), 4GB file limit so not useful/practical for transferring large files between OS's.
That may have made things clear as mud, or genuinely been helpful, let me know ( lol ).