I heard that there are issues of the drive keep working or spinning even after powering down the cam. Have to take out the batt or reinsert the card to overcome this.
Much as I hate to say, even if the camera supports Type II and FAT32 do not mean 100% compatibility. Another eg. would be Nikon's D2H.
But if ur device is confirmed to work with the MagicStor, then I have to say that C-720's MO is very worth it.