Microsoft has released a new version of FAT32 called exFAT, extended FAT.  It is designed mainly for portable drives using computered with limited computing power, such as cameras and hand held devices.  The main advantage is that it no longer has a 4GB file size limit and has better operation with disk drivers larger than 32GB.  32 GB is a limit that Microsoft has tried to implement on FAT32 disks for performance purposes, even though drive happily work with 1TB of data