<< But what about the "quick" options that XP gives you? What's the difference? >>
I'm someone making this up on the fly, but in general any filesystem quick format just sets up the meta-data to successfully setup/describe/use the filesystem.
A full format would wipe out every sector of the drive, and possibly also verify that its not defective. Usually, quick is adequate (whether you're formatting a brand-new drive or reformatting an old one).
You don't need to have an old (already formatted filesystem) to use quick format.