...I've got a 70GB FAT32 partition on WinME

I've tried this also with win2000. Didn't work. For some reason the OS wouln't create a fat32 partition bigger than 30gig. So I went NTFS instead.
The reason I wanted to use fat32 is because the harddrive I was formatting was going to be used as a backup harddisk for all my mp3's. It's just easier if you're able to pop it into any system you like (from win95B and up) and be able to use it. Also I kinda like the idea of being able to reach my data by using a simple bootdisk. (granted, WITH loosing long file names)
Of course, those arguments aren't all that anymore now that practically everybody uses an OS which supports NTFS (2000 or XP)