As others have almost mentioned, for easy read/write on both Windows and OS X, you'll want to go with something in the FAT family. For your drive, it looks like FAT32 will be fine as long as you don't have any files over 4 GB (maybe videos?). exFAT is fine as well, but it won't work with Windows XP* (or Leopard). I'd stick with FAT32 unless you are affected by any of its limitations, since it's very widely supported--and while you may not plan on needing it now, it would also work served on an AEBS and can be easily read by most Linux distros.
NTFS is read-only on OS X (without third-party drivers) but works great on Windows, and HFS+ works great on OS X but has no support on Windows without third-party utilities, a free read-only utility or a pay-for read/write driver. So, while they're ultimately better file systems, I'd stay away from them for a shared drive unless sharing with another OS will truly be a rare occasion.
Long story short: try FAT32, maybe exFAT if you need something it offers (e.g., larger file sizes) and don't mind its compatibility limitations.
*EDIT: Thanks to costabunny below for pointing out that MS released an update (
KB955704) to add exFAT support to XP. I think the patch for Leopard is called "Snow Leopard," however.