Decided to take the plunge and got a new 32GB A-Data CF Card today....
no, you definitely don't want to use "dd" to copy a file system between different types of media unless you guarantee the number of blocks in the partition is the same or larger on the target.
anyway, "cat" is faster - it uses more buffering!
the best way to copy a filesys is like this:
cd /mnt/partition1
tar cf - | (cd /mnt/partition2 ; tar xf - )
tar will copy all files and devices, preserve the datestamps and protections etc.
if you were l33t, you could probably also do it with cpio but I'm too lazy to look it up.
so, just partition the CF appropriately. oh, do NOT use ext3, the journalling will kill the card faster.