The answer is "Yes" they are supported.
Apparently SD Card Formatter goes in and formats the card as ExFAT instead of FAT32 by default, because of its huge size. To get around this, on a mac for example, open Disk Utility, select the card and Partition it in two, formatting both halves as FAT32.
Then go round and copy the contents of NOOBS folder (unzipped NOOBS package) to the first partition of the SD Card.
Go ahead and put it in. It should start now, give it a couple of tries.
The Pi 2 is very fast using this Hama card (does about 80mb/s read, and 20mb/s write with a reasonable iops, it feels like a snappy hdd) The actual setup, installing Raspbian took a little over 6 minutes. Wow!
NOTE: The first time it starts NOOBS will actually automagically resize the two partitions back into one for you. Voila... a FAT32 64GB card running on a Raspberry Pi 2 (this will work I think on the Raspberry Pi 1 too, but I don't have one to test)
Managed to figure it out in the end thanks to @goldilocks bumping me in the right direction with "green light constantly on indicates an SD card was found but it does not seem to be in the right format".
NOTE: If two partitions don't work for you see this post https://raspberrypi.stackexchange.com/a/32524/27866