Formatting in your PC or in the camera doesn't seem to matter much. Obviously, in the camera gives you the folders/files as Steve said.
If you format in your PC/Laptop then FAT32 makes the best sense and the camera is clever enough to write the requisite folders/files prior to recording the first image. I have always followed a workflow of downloading the card using a card reader and the standard Nikon software. I then confirm that the images are recorded on the HDD correctly and only then format the card in my laptop.
Formatting in the laptop saves some battery usage for the camera. How much differnece that makes, I do not know. I might get another couple of shots per battery that way. Who knows?
Mustrum
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My God! It's full of elephants. Terry Pratchett