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You don't need to reformat the r4i gold card. You just need to format the MicroSD card, and reinstall the r4i gold kernel and games. Nothing about the r4i gold card.
r4i gold and r4i sdhc card are most popular in players. both of them can support 3ds, dsi and ds lite. but personally, I think the r4i gold card has better compatibility.
of course, new r4i v1.6 kernel can work on all below version of r4i card, including r4i v1.4 kernel.
The R4i Gold is a fake card released to try and take advantage of the R4i selling so well worldwide. R4i sdhc and r4i gold card are different flashcard. they are similar in functions. But different in package. they use difference kernel. Both of them are popular in Players currently.
The r4i gold card is much better than r4i ultra card. The r4i gold is most popular in the world. it can work on Ninendo 3DS, DSi V1.4.4 and DS console. the r4i gold firmware keep on update to support latest 3DS system update. But the r4i ultra card is a very old console. it is now out of production. And as lack of firmware update, it can only work on Nintendo DSi V1.4.1 and DS lite console.