Just remember if you use FAT32 that it can't support privacy settings and is filesize is limited to something around 4 GB. There are some other limitations but I forget. If you try to create or copy a file bigger than that FAT32 will automatically split it into numbered pieces and the programs that use the file will likely fail to be able to deal with it.
Not true. Saving the file will simply fail. Some programs are able to automatically work around that by splitting the file.
Some say it's less reliable than NTFS, but that hasn't been the case for me.
FAT32 indeed is less reliable than NTFS, especially in the event of BSOD, system freeze or power failure. Of course, if such events are rare for you, reliability doesn't matter much.
But Linux can read and write FAT32 and flash drives are usually FAT32 and many many older freeware disk recovery programs can work on FAT32.
This is indeed an advantage of FAT32 and the main reason why I still have one FAT32 partition.
Technically, I suppose FAT32 wastes more drive space than NTFS, but when you are dealing with many free GB of space it doesn't matter so much. But that does remind me that FAT32 can't format disks larger than a certain size without special programs to do such. You can format a smaller partition, but that might not be what you want to do. NTFS doesn't have the same limits.
A FAT32 partition can be up to two terabytes in size (assuming a sector size of 512 bytes). However, a FAT32 partition can only contain up to 2^28 (around 268 million) clusters. As a result, the bigger a FAT32 partition is, the bigger the clusters have to be and the more space is wasted. That's the reason why Microsoft's formatting utility
doesn't allow you to format partitions larger than 32 gigabytes as FAT32. It isn't a filesystem limitation, though.