I tried loading the formatter first, same deal.
 

I did however start up my harddrive partitioning tool (can't remember what software it is right now) and while it was running it didn't eject any media. It did however show me that the drive was connected with ID 1 and was working.

I can confirm it has boatloads of dip switches, so that might just be something.

I've got FAT support installed, I haven't verified it though.

At least I've verified that the drive and media themselves are fine and working since it works under Win98 on my other PC =)