I have a Westerb Digital 80gb 7200rpm HDD and use Fat32. I tried NTFS and Fat32 and ran benchmarks on cached and uncached speed etc. The NTFS didn't perform as well as the Fat32 file system. Therefore, I'll be sticking with Fat32.
Windows XP Pro SP1
Pentuim 4 2.4GHz
Gigabyte 8IE533 M'Board
1GB DDR 2700 RAM
WD 80GB 7200 HDD
Sparkle Geforce4 MX440 128mb Video
S/Blaster Live