Comment 12 for bug 1227440

Not fixed at all based on bug description, does anyone pay attention anymore??
Only a volume that is unmounted will get the 'format' option in nautilus. As far as removable volumes like usb 'sticks' there is no option in nautilus to unmount so consequently no format option

The only way to get this is to disable automount which then also disables autoplay of optical media. (and once mounted no means within nautilus to unmount