Windows won't do larger than 32GB fat32 anymore!! It seems the only way to do a FAT32 without a Linux LiveCD is via Acronis Disk Director Server program.
I bet they just forgot to mention those new features in the great experience heading.
UPDATE: I don't know how but I suddenly thought, of CMD (after reading that SETUP wouldn't do it). I created the partitions without formatting them and assigned driver letters to each raw partition. So I did format H: /FS:FAT32 /Q and in the end saw it wasn't supported! LOL LOL LOL. Then I found out about this GPL tool, which did the job in less than 2 seconds.