And that would be practically every flash drive.
Using the Erase tab option most of the tutorials say to use, does indeed leave the partition table as MBR, even when formatting to HFS. Just did it last night myself.
The installer will still load and run from the desktop. So, it looks like it will still install, "if" you're booted into the OS still on your system. (Not for sure, I'll find out this weekend when I upgrade my wife's machine.) It is not bootable however, and you'll not be able to do a clean install with it.