For comparison, here are my results for InCD 3.51.61, LTR-48125W V08 on XP Pro SP1, using Platinum CD-RW 80min/700MB 4x-12x.
Formatting CD-MRW takes several seconds as for Spazmogen; more mouse cliks than running, so who cares?
For a standard CD-RW (non MRW), physical format takes 7:50 min, logical format takes 2:48, so 10:38 min in total. Not too bad compared to Spazmogen's >7:30, who probably used a faster burner and media (and maybe a 74min/650MB disc?).
The InCD help file (look for it...) is outdated, and still mentions the rewriting speed option which disappeared a long time ago.
BTW, InCD reports 50KB used, 572MB free for CD-RW, whereas CD-MRW has 539MB free.
So performance is quite fine; let's talk about RELIABILITY!