Large flash chips are divided into sub-pages that are a power-of-two multiple of 264 (256+8) bytes in size, pages that are a power-of-two multiple of that, and blocks which are a power-of-two multiple of that. A blank page will read as all FF's. One can write a page at a time; the smallest unit one can write is a sub-page. Once a sub-page is written, it may not be rewritten until the entire block containing it is erased. Note that on smaller flash chips, it's possible to write the bytes of a page individually, provided one only writes to blank bytes, but on many larger chips that is not possible. I think in present-generation chips, the sub-page size is 528 bytes, the page size is 2048+64 bytes, and the block size is 128K+4096 bytes.
An MMC, SD, CompactFlash, or other such card (basically anything other than SmartMedia) combines a flash chip with a processor to handle PC-style sector writes. Essentially what happens is that when a sector is written, the controller locates a blank page, writes a new version of that sector there along with up to 16 bytes of 'header' information indicating what sector it is, etc. The controller then keeps a map of where all the different pages of information are located.
A SmartMedia card exposes the flash interface directly, and relies upon the camera, card reader, or other device using it to perform such data management according to standard methods.
Note that keeping track of the whereabouts of all 4,000,000 pages on a 2 gig card would require either having 12-16 megs of RAM, or else using 12-16 meg of flash as a secondary lookup table. Using the latter approach would mean that every write to a flash page would also require a write to the lookup table. I wouldn't be at all surprised if slower flash devices use such an approach (so as to only have to track the whereabouts of about 16,000 'indirect' pages).
In any case, the most important observation is that flash write times are not predictable, but you shouldn't normally have to worry about flash wear.