If your USB device suddenly has no data in it, or it has reverted to its pre-configured state, it may not meet all the requirements for using it with the Xbox 360 console. Did you get a warning message during configuration? The best thing you could do is
to find a USB device that better meets the requirements for use with the console.
If you want to give your USB device another try, format it to FAT32 again on the PC and then try the configuration process over again. It would be recommended to make sure your files are saved on the console as well in case there is another issue.
Take a look at the sticky above. It has some good information about flash drives.
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