To format large (1TB and greater) partitions under MacOS you will need to repartition the drive with a Mac partition scheme. In Disk Utility, go to the Partitions tab, where it says, "current" select "1 partition" and then click "options" at the bottom of the page.  In the window that pops up please select either APM (Power PCs) or GUID (Intel Macs).  Click Apply and then Partition, the format should complete within a matter of minutes.