Works like a charm ! (Only unconvenience: FAT32 allows no files larger than 4 GB).
Worked as well on a cheap china phone (MTK 6589, Custom rom based on 4.2.1).
I did not test it, but there is no reason why this should not work with a 128 GB card (are still a little expensive today).
PS: the utility FAT32FORMATTER did not work.
PPS: another reason to buy only phones with a card slot. F....you, Apple and Google