[Wylug-help] External USB Disk

[Smylers]

Hi there.  I'm thinking of getting am external USB disk, such as this
one from Buffalo with 1 Tb of storage for £70:

  http://www.cclonline.com/product-info.asp?product_id=33798

When I get it, what filesystem should I use?

Mostly I'll be using it with Linux, but it would be nice to have the
option of taking it elsewhere and connecting it to others' computers,
including those running other operating systems.

Is Fat32 viable with such big disks?  Is Linux's NTFS support any good
these days?

Does using a Windows-compatible filesystem mean that a file loses Unixy
things such as the execute flag when copied to the disk and back again?

Cheers.

Smylers