| I've never had this happen with a sony endorsed ps 2 memory card. However, back with the ps 1 I had one of the multi page memory cards. It was one memory card but had eight pages with it and this problem happened at least three times that I can recall.
Yes you will have to reformat your memory card and unless you do something with the individual game saves, you'll lose them too.
Easiest thing to do, if you have the options available:
1) if you have a hard drive, move or copy the games on your unformated memory card to your hard drive. Then you can format your memory card and retransfer from your hard drive to your memory card.
2) if you have two memory cards but no hard drive you can do the above with the two memory cards. Copy the individual game data from one to the other, format the one you need to, etc., etc.
I'm not positive that's going to save your game saves (they may end up corrupted and if that's the case...kiss them goodbye) but it's worth a shot.
Personally, because of the problems I've had in the past with memory cards, I feel you should always have at least two memory cards. Especially if you don't have the HDD. One for the main gaming you do, one for back up. Yeah it's expensive, but with the length of time some games take (I'm love rpg's myself and those are time consuming) it really sucks to invest and then have it all vanish on you. ______________________  | 
Helicopter Champion!
