Windows XP will only format FAT32 Volumes up to 32GB, however, other utlities will theoretically format FAT32 Volumes up to 8 Terabytes in size. However, if a FAT32 Primary Partition is greater than 8GB, then there is no guarentee that it will be bootable.
Maximum number of files on a FAT32 Volume is 4,177,920, with the maximum number of Files and Folders standing at 65,534 per folder.
Also see the FAT32 Structure Information.
|Filesystems: FAT | FATX | FAT12 | FAT16 | FATX16 | FAT32 | FATX32 | NTFS | JFS | Ext | Ext2 | Ext3 | HPFS | ReiserFS | Reiser4 | HFS+ | FFS | UFS1 | UFS2 | UFSMacOSX | XFS | OFS | BFS | BeFS | OpenBFS | NSS | NWFS | ODS5 | VxFS | ZFS | MFS | IFS | AFS | TVFS | MinixFS | SkyFS | AtheOSFS | ArlaFS | CDFS | UDF | CFS | DFS | OpenAFS | GFS | DTFS | CODA | UMSDOS | OldBeFS | RFS | EFS|