From the sound of this entire discussion, it appears that Yosemite has problems recognising external Windows-based filesystems connected through USB.
I tried connecting a 320GB Western Digital "Passport" drive, formatted as FAT32. The Finder reported the drive as unreadable, and offered to format it, eject it, or ignore the message. I ignored, and Disk Utility saw the drive, but the volume was greyed out. It was reported as "exFAT" which is wrong: it's FAT32, and had just passed chkdsk on a Windows 7 box, which reported it as FAT32. It being completely mis-diagnosed in the first place, I was not surprised that verifying or repairing from Disk Utility failed. Reboot did to help.
Having googled around I found this http://www.reddit.com/r/osx/comments/2ehws5/os_x_1010_yosemite_beta_2_possible_b ug_fat32/ and did the following:
jjp@Torus:/Volumes $ sudo su
Password:
sh-3.2# mkdir /Volumes/test
sh-3.2# mount_msdos /dev/disk#s# /Volumes/test # replace "disk#s#" with the correct name as reported by Disk Utility
To my surprise, this worked: the drive showed up on the desktop and in the Finder sidebar and was usable in read-write mode. Disk Utility, however, still had it greyed out. There are other things wrong, too: "ejecting" did not work (it reported the drive as being used), and after either "force ejecting" or manually unmounting
with sh-3.2# umount /Volumes/test the icon remained on the desktop, though not in the Finder sidebar.
It seems that even though the basic functionality of mounting a FAT32 seems to be OK, all the bells and whistles are still broken.
This is not a trivial problem. There are a myriad of cheap devices out there which have FAT32-formatted storage on them, whether it's memory sticks, flash cards or our cats' GPS trackers. None of these can be naturally expected to work on this new £3400 computer without superuser hacking. Honestly, come on, Apple!
Yosemite 10.10.2 on Mac Pro (Late 2013).