Compatibility: Windows, Mac, Linux, gaming consoles, practically any device with a USB port.
Pros: Cross-platform compatibility, lightweight.
Cons: Limited file size (upto 4GB) and partition size (upto 16TB)
Usage: Removable storage devices.
Compatibility: Windows, Mac (Read-only), Linux (read-only for some distributions), Microsoft Xbox One.
Pros: Inexhaustible limits for file and partition size.
Cons: Limited cross-platform compatibility.
Usage: Best for internal hard drives. Use it for Windows system drive and any other system partition which may be used to install software.
Compatibility: Windows XP and later versions, Mac OSX 10.6.5 and above, Linux (using FUSE), Android.
Pros: Behaves as a fusion between FAT32 and NTFS by providing practically unlimited file size and partition size.
Cons: Microsoft restricts its usage by license obligations.
Usage: Use with external hard drives or flash drives of you want to transfer files larger than 4 GB. Always prefer exFAT over FAT32 if the operating supports it.