FAT32 split iso has the advantage that the file system is natively supported by PS3 and can be copied easily to any other device no matter file system (FAT32, NTFS, exFAT, ect). Also you can browse/delete the files in the FAT32 device using XMB File Explorer or using practically any file manager or FTP server to manage the files. File parts can be transferred in parallel.
Some of the disadvantages of FAT32 split iso are:
- It's more difficult to read a directory with multiple files for a single game.
- It's more difficult to calculate the hashes of multiple files to check the integrity.
- They require an extra processing to split a game disc already converted to single ISO into multiple parts.
- multiMAN does not support split ISO on ps3netsrv.
exFAT full iso is easier to handle because it is a single file, but not all backup managers or FTP servers support exFAT.