Yep. The only time it doesn't format is when you take it out and put it back into the same exact system.
EDIT: You can back them up on to anything. External HDD. Memsticks, USB Flash Drives, Even your Ipod or Cell phone if you can connect them through USB.
EDIT AGain [keep forgetting stuff]:
Yes. You can use USB splitters and USB Memstick/CF/SD Card Port adapters on the PS3.
4 ≈ One







