exFAT [0] is a great option. It's FAT32 updated with all the modern requirements. Surprised there was no mention of it! It's by Microsoft and is supported on XP and above (out of the box on Vista, update available for XP and Server 2003). It's surprisingly fast, robust, and all around a great OS to use for storing shared data. There's a free implementation available for Linux [1] (actually in the default apt/yum/what…
The author mentions journaling and extents (particularly important for his torrenting use-case to prevent fragmentation), which I feel are the way he defines "modern". exFAT also supports neither transparent encryption nor transparent compression.