It is unlikley that the PS3 will support ntfs as it is a MS proprietary format. Even though support under Linux for ntfs is getting better and not called experimental any more, it is still a risk to use it even under linux.
Concerning FAT32 creation under windows I have 60gig fat32 drive and i am quite sure i never used any other tools then the ones included inside windows. However I just recently changed from win2k to xp so i am pretty sure that it is possible under win2k at least. Still this might not be usefull for most of the people