I keep reading on sites like Personal View, that the GH2 is SDXC Complaint.

I don't ask too many questions there. It's like being on twitter and hard to follow. Not being an SD card expert, I was under the impression that an SDXC card was only SDXC if formatted in exfat.

I decided to see. I took an SDXC card, formatted it in my computer in exfat. Then I put it in my camera. I got an error message telling me it had to be formatted. I tagged OK and then pulled the card and stuck it in my computer again.

The camera had re-formatted it in fat32.

Am I missing something here?

It's "compliant" in that it will use 64-128GB SDXC cards. You just have to deal with however the camera wishes to format it.