I previously used a Supra28 and SupraRAM with 2MB but now I use an MTec 020/14 and 882/20 with 4MB, it's not that much of a speed difference between the two but I prefer an internal solution and both are great additions to any vanilla A500.
For more speed benchmarks I suggest checking out Amiga Hardware Database.
There is no need to use normal format on drives, just use QUICK. it will be a few seconds. i have a Alfapower i added dual cf slots to using the cutout on the back where they intended a ide cable to come out. works great and looks factory still.