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This is what NTFS, FAT32, and exFAT actually mean — and when to use each

You plug in a fresh USB drive, Windows asks how you'd like to format it, and then you're staring at a dropdown menu offering three cryptic acronyms: NTFS, FAT32, and exFAT. No explanation. No guidance ...
Yahoo

FAT32 vs. ExFAT vs. NTFS: Which Format Is Best for Your Storage Drive?

When you purchase a new storage drive, it may tell you it needs reformatting, but which format is best? The main options for removable drives and memory cards these days are FAT32, exFAT, and NTFS, ...
Ars Technica

The facts about FAT32 v. NTFS

IIRC FAT32 offers some efficiency over NTFS for volumes <4GB (assuming default cluster sizes for both file systems). This is (one of the reasons) why you see FAT/FAT32 used on small removable storage ...
informationweek

Microsoft's FAT32 Deserves Its Freedom

Last week, Microsoft sued TomTom for infringing on patents relating to (among other things) the format of its File Allocation Table 32-bit (FAT32) disk format. These patents relate to mundane issues ...