Parted Magic has one huge advantage over other recovery distributions I've found -- it has a PXE boot option. That means that you can toss it on your netboot server and then whenever you need it it's just a reboot away. Much more convenient than reformatting flash drives (esp. since when you need it, you may not *have* a computer that can conveniently reformat a flash drive).
I used to think netboot was something exotic and scary, but it turns out that on a home network running dnsmasq, setting it up literally consists of uncommenting two lines in a config file.
It'd be nice if there were a x86-64 version available, though.