Recently I changed a bunch of columns to utf8_general_ci (the default UTF-8 collation) but when attempting to change a particular column, I received the MySQL error:
Column 'node_content' cannot be part of FULLTEXT index
In looking through docs, it appears that MySQL has a problem with FULLTEXT indexes on some multi-byte charsets such as UCS-2, but that it should work on UTF-8.
I'm on the latest stable MySQL 5.0.x release (5.0.77 I believe).