A couple of days ago when i turned on my 404 the card banks were suddenly empty.

I thought that formatting my 1 gb scandisk would at least make the card work again but it didn't. I bought a new 1 gb scandisk card but to my horror i can't format the new one either... I followed the instructions but once i press delete after pressing the c/g-bank i only see the dots for a split second and then i goes back to acting as if the card has not been formated.

What am i doing wrong? Shold i get yet another card? Or is my beloved 404 simply giving up on me?

sounds like the 404- I would remove the CF card and look inside the card slot and make sure no pins are bent- also try a factory reset:
Initialize internal memory [CANCEL] + [DEL] + [REMAIN] + Switch ON power