From the crypt: old Microsoft KB articles I’ve collected.

Format Local Disk Dialog Box - "Why is NTFS the Default when it's the only option???"

Limitations of the FAT32 File System in Windows XP (KB314463)
Essentially 32GB max size if using Windows XP/2000 to create it, 8 2 –> 8 terabyte if you wanted to use a non-Microsoft utility to format the drive.
Trivia: the original development name for FAT32 was BigFAT.

Fdisk Does Not Recognize Full Size of Hard Disks Larger than 64 GB (KB263044)
The fix was for Windows 98 systems, which then led onto:

Fdisk.exe Unable to Partition Drives Larger Than 512 Gigabytes (KB280737)
Windows 98 again.  But didn’t you imply in the first link (Limitiations of the FAT32 … ) that 32GB was the limit?
Yes, it was an artificial limit, courtesy of Microsoft.  They were trying to encourage you to use the NT File System (NTFS) for large disks.

How to receive verbose startup, shutdown, logon, and logoff status messages (KB316243)
Which seems to mostly work, most times