FAT32
- better for smaller drives (as cluster size starts getting very big - meaning you get situation where a 2 byte file takes up a 16k chunk of hard disc space
- no security so anyone with a boot floppy can read your files (unless extra software is installed)
- Max file size is about 4Gig
NTFS
- better for larger drives/partitions
- Has security capability in that you can restrict access to files/directories
- no max file size
However FAT32 easier to recover knackered file, as when NTFS goes......
Generally NTFS is better these days.