May I assume that there is no point to format your SD Card (assume you have the 32 GB size) to NTFS if the device can support SD Card of up to 32 GB and FAT32 maximum limit is also exactly 32 GB?
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FAT has some other limitations -- most importantly, it cannot handle files greater than 4 gigabytes in size. Many people get bitten by this when they try to store particularly large videos on SD cards and flash drives. If you need enormous files, you should use NTFS.
Other than that, FAT is fairly well-suited to removable storage -- simple and robust. The features it lacks, like file ownership, are things you probably wouldn't want on a dumb removable storage device anyway.