just switched, question on formatting old pc external drive

Hello, just found this forum and it looks awesome! = ) I just switched and have copied all my personal files off of my external drive I had used for my pc laptop (NTFS format) to a temporary folder on my new Mac. The external drive was read only because of it's NTFS format and I now wish to format to use as storage and backup of the new Mac. I won't be running any OS off the drive or anything, just storage (including my iTunes library) and backup. I'm just not sure which format to use for the drive now? My options are...

Mac Os Extended (Journaled)
Mac Os Extended
Mac Os Extended (Case-sensitive, Journaled)
Mac Os Extended (Case-sensitive) and
MS-DOS (FAT)

If I'm going to just use the drive for storage and backup, and I guess later on sharing some files with the old pc laptop would be nice. But probably just over the network, not by connecting it to the pc laptop. Which format would be best? Thanks in advance for any input. I searched but didn't find much on the different formats other than somebody mentioned (Journaled) sounded like it was to run an OS off the drive.

thanks!

The first one is just fine. Use the other only in special cases. The MS DOS (FAT) partition is limited to 2B files and possibly to 32GB partitions. Journaling allows easier file recovery.

Use the Mac OS Extended Journaled. That will allow you to use it for iTunes, other OS X data, and most importantly, for use with Time Machine.

you can use fat32 (dos) for itunes as well, but if you wish to use your external with time machine (which i highly recommend, it's great and effortless especially if you buy a usb enabled router) then you will want to use hfs... Mac OS X Extended ( journaled).