Hmmm... What other updates? It works fine for me... Are you just running Format directly or is it from hilighting an icon and choosing "Format" from the Icon menu?
My guess is that if it's crashing when you run the program, but it lets you format by selecting an icon, that there's a funny device of some description in the list of devices that's supposed to pop up there. What devices do you have mounted? Anything like partitions above the 4GB mark without a filesystem that supports them? Any funny floppy patches or hacks?