exFAT has support for files over 4GB its compatible to NTFS but it was implemented in 2006 as memory cards/Usb hard drivers were getting bigger, FAT32 is Windows 98 (if im not wrong) at supports up to 4.3GB~ files (as same PS2 Games weren't over 4.2GB~), and NTFS is like holy water it has no disadvantages (not sure about that), its basicly adding support for higher file size and better optimization, i suggest you to format them.