There is another option here. I ran into this exact problem but there is a new format ( exFAT) that is the replacement for FAT32 that works natively with Mac and Windows. Mac OS X added exFAT support in version 10.6.5 on November 10, 2010. OS X 10.6.5 can read, write, and create exFAT partitions. It is also supported natively in Windows Vista SP1 and above but Microsoft has a Windows XP SP2 driver available. The big thing to not here is that exFAT does not have the same file size limitations as FAT32, it has the same file size limitations as NTFS. I have been running it for over a month now with my MacBook Pro and Win7 Laptop and on the systems at school without any issue at all and best of all it doesn’t require any paid software to make it work.
exFAT does work as a file system for both Windows and Macintosh, but only the most current systems are able to recognize that file system.
A Mac that runs 10.6.5 (Snow Leopard) needs a lot of updates, and a lot of Mac users run 10.5, so exFAT does no good for them. On Windows exFAT can only be recognized by Vista SP1 onwards. XP SP2 can work with exFAT as well, but it needs an additional update from Microsoft…
For a future generation exFAT may become the new universally standard FS (As FAT32 used to be)… But for now, integration is dim and relative.
However, if we are dealing ONLY with modern (And updated) computers, then yes, it is a perfect solution.