The key factors for all HDD operations are the access speed, and the read-write speed.
The RPM mainly impacts search speeds.
When you are partitioning or formating, the primary factor is the read-write speed, along with the data transfer rate for the IDE controller.
The size of the drive/partition also impacts fdisk speeds, as the FAT uses the most space as you approach cluster size step points.
Due to cluster size, a 15GB drive will take longer to partition and format than a 18GB drive of the exact same family.
The number and structure of the platters also will impact fdisk speed.
I don't have any formulas to estimate fdisk times. The net number of clusters is likely the most significant factor.
Chas