Are short file names compatible with fat32?

exFAT is an incompatible replacement for FAT filesystems that is expected to be introduced with Windows CE 6.0. It is intended to be used on flash drives, where FAT is used today. Windows XP and Vista file system drivers will be offered by Microsoft shortly after the release of Windows CE 6.0. exFAT introduces a free space bitmap allowing faster space allocation and faster deletes, support for files up to 2^64 bytes, larger cluster sizes (up to 32 MB in the first implementation), an extensible directory structure and name hashes for filenames for faster comparizons. It does not have short 8.3 DOS names anymore. It does not appear to have security access control lists or file system journaling like NTFS, though device manufacturers can choose to implement simplified support for transactions (backup file allocation table used for the write operations, primary FAT for storing last known good allocation table).