"The new SDXC cards use the exFAT file storage system, while older SD and SDHC cards use the original FAT32 system, meaning SDXC cards can only be used in SDXC compatible devices."
FAT32 can be used for drives/partitions up to 2TB. The 32GB limit is purposely build in by m$, as xpire will refuse to format partitions above that limit, and vi$hta can't format FAT32 at all.
exFAT, actually FAT64, is imposed by m$, because it secured patents for it, and is seen as a mean to milk everyone who'll ever use it.
Also, it shares the same poor design with the rest of the FAT family, making it a very bad choice for a FS with a complex/deep hierarchical structure, which would be inevitable for large drives with a lot of small files. If only the storage of a relatively small number of large files is needed, FAT32 can still be used and read by almost every device.
As a flash memory drive can be partitioned and formatted similarly to any HDD, any appropriate FS can be used.
"SDXC cards are 100 percent incompatible with SD and SDHC compatible devices. But if one decided to reformat an SDXC card using the older FAT32 file system, it may yet work with older devices."
SDHC was incompatible with SD only devices, because of the low level addressing, not of the FS with which it was formatted. Probably it's the same with SDXC, but because the SD Association is "members only", we have to limit ourselves to the information made available by it's marketing droids.
Also the 32GB limit of SDHC was artificially imposed, the adressing scheme supporting up to 2TB.