NTFS allow local access to win2k, win2k3, xp, win NT4 with service Pack 4, & may get somefile, maximum partition size upto 2 terabyets, maximum file size 16TB and more, file & folder encryption is posible with NTFS.
FAT32 allow access to win 98 , win 95 , xp on local partition, maximum partition size 2 terabyets, maximum file size 4GB, file & folder encryption is not posible with Fat32.