and make a nice table: computer1, computer2, .... all the machines you usually use with your removable media
Write under each of them the file systems it knows how to read. You'll be happy to see that fat32 is the only option. No matter how much you discuss it, unless you want to take the road explained by someone before me and partition your drives in fat32/ext2 and use something like ext2ifs which is fine (i use it myself) excepting some (rare) bluescreens. Oh and to that commenter I would be very *happy* if everybody visiting me would install some crap so that he can use his usb drive :)
Add to that that most stand-alone media players (car radios with usb, dvd players, etc) usually only know how to read from fat32 disks the decision will be simple. Need bigger files ? Split them !