I am trying to download a 4.8 GiB DVD ISO image over bit torrent, but µTorrent is giving me an error that I do not have enough space. I didn't believe it at first so I checked for myself and I definitely have enough space, over 60 GiB left:
This is due to a limitation with the FAT32 filesystem and not uTorrent, to fix this you can simply convert your existing filesystem to NTFS via the command line
I don't really see any disadvantages this could bring you, only advantages, lots of them.
With FAT32, the max file size is limited to just shy of 4 GB. With NTFS, you are limited to 16 TiB, theoretically it could support 16 EiB, but this is a restriction with the implementation.
You can find a good comparison chart of various file systems here.