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NTFS - while many consider it a new file system built from the ground up, it is largely based on HPFS.
NTFS incorporates all the features of HPFS and Macintosh's HFS and overcomes many performance and security issues they lacked.
Where HPFS performance starts degrading above 400 MB volumes, NTFS's performance theoretically doesn't drop off right up to the theoretical volume limit of 16-Exabyte (2TB is the practical limit, but remains to be seen when drives get that big become mainstream.)
More info regarding NTFS comparison with its predecessors:
http://en.wikipedia.org/wiki/Comparison_of_file_systems
http://support.microsoft.com/kb/100108
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