So I wanted to purchase an external HD to transfers files between my PC and my Macbook pro. Now I also wanted to move all my music on that external HD. Will I have any issues with itunes on either my PC or Macbook if I do this?

I was wondering if everything will play nice together basically and if so what steps I need to take (ie any particular way of partitioning the HD etc). Should I partition the HD so my music is in a partition thats FAT32 for example?

Also anyone have any good external HDs they can recommend?