provided some information on this.
The manual wrote:
This player supports USB flash drive/external HDD formatted in FAT16, FAT32 and NTFS when accessing files (music, photo, movie). However, for Blu-ray contents, only FAT16 and FAT32 formats are supported. Use the USB flash drive/external HDD formatted in either FAT16 or FAT32 when enjoying Blu-ray contents.
I believe "Blu-ray contents" are DLC/cached stuff from a real disc. That requires FAT only file system. MKV files it seems it can play on NTFS volumes, so the 4GB filesize limit of FAT32 does not seem to be an issue. The 3D bit you may need to try it yourself or find someone who has tried.
Edit: the product page said it can only play 2D Blurays? So the answer may be no?
The Model M is not for the faint of heart. You either like them or hate them.
Gerbils unite! Fold for UnitedGerbilNation, team 2630.