I happen to have my manuals in front of me right now as I'm still looking things up!
In the footnote at the bottom of page 23 of the Composition Media manual it says:
"SD cards up to max. 2GB, SDHC memory cards max. 32GB and SDXC max. 256GB. It may not be possible to play all files if the size is larger than 64GB."
It definitely seems to supports every file format, bit rate and file system so no worries there....