I've been using a 64MB Trascent Compact Flash card with an adaptor for PCMCIA without problems. IFAIK, you don't have to use PrepCard at all, it is used only for PCMCIA mem cards up to 8 MB (Amiga carddisk.device does not recognize more than this, IIRC). You have to use
cfd.lha from Aminet, together with fat95 (only if you want to read PC formatted cards, you can format it in Amiga format), and only a cf0: device, with its volume name, should appear on WB.
Hope this helps.
Saluditos,
Ferrán.