http://windowsitpro.com/article/articleid/38803/understanding-file-size-limits-on-ntfs-and-fat.html
"With that 4GB figure stuck in my head, I went to my accustomed research tools and found plenty of references to the FAT32 4GB limit. To back up that number, I searched the Microsoft Web site and found numerous articles confirming that the file-size limit on FAT32 is (2^32)-1 bytes, or one byte less than a full 4GB.
The confusion about FAT file size seems to stem from the fact that FAT16 has a 4GB limit on partition size, whereas FAT32 has a 2TB limit on partition size. A large number of my respondents appear to have confused "partition" with "file." To add a little additional confusion, many respondents commented that they're running large drives as one partition on FAT32. In these days of inexpensive 120GB+ hard disks, I guess my definition of "large" differs from that of these readers."