A version of mkdosfs with FAT32 support can be found at ftp://bmrc.berkeley.edu/linux/fat32/mkdossf-0.4.1.tar.gz This is the yggdrasil mkdosfs modified by Gordon Chaffee who wrote much of the FAT32 code in the kernel. I have been using it for some time with no problems. I think it would be nice if the default mkdosfs in RedHat Linux knew how to create FAT32 file systems.
Thank you for the enhancement request. It has been forwarded on to a developer for review.
we switched to dosfsutils for our next release. SO it will get fixed in the next release.