I've just got a new 160gb USB external hard drive, to archive my raw files. No data on it yet.
It's been preformatted as FAT32.
Do I want to keep this, or to reformat it in NTFS file format?
The only advantage of FAT32 is it is universally readable by all operating systems, so you could throw it on a Mac or Linux. If you only need Windows compatibility, NTFS is the superior file system.