32bit and 64bit versions
Windows GUI version of fat32format
The latest version has support for GPT drives. It also has a fix for making drives bootable using bootsect.exe from the Windows AIK, aka Windows PE. It issues a FSCTL_ALLOW_EXTENDED_DASD_IO which experimentally seems to fix a strange problem (Windows bug?) where all the writes succeed but nothing actually changes on disk.
FAT32 is limited to 2^32 sectors. With 512 byte sectors that means a 2TB drive. However some(all?) >2TB external drives use 4K sectors. The picture shows a WD My Book 3TB External Hard Drive. That's not to say that using FAT32 on such a large device is necessarily a good idea - Windows will take some seconds to mount it because it seems like it reads one or both of the FATs as part of the mounting process. With a 3TB drive the FATs will be 349MB which will take ~10-20 seconds to read over USB 2.0, though you won't notice much delay over USB 3.0
In general if the devices you need to copy files between all support exFAT or NTFS they're probably a better bet than FAT32, but as of 2013 support for FAT32 is likely to be both more common and more bulletproof in non-PC devices that either exFAT or NTFS. Without installing a file system driver on the PC those are your choices, and in my experience third party FSDs will tend to cause BSODs because FSDs are not that easy to write on Windows.