What file system should I use for an external HDD used for both Linux and OS X?

I have a Mac (OS X 10.4.7) and an Ubuntu PC (6.06). What file system should I use for a shared 300GB ext hdd? I’ve read that OS X has no (first or third party) support for NTFS, and read only support for ext2 and no support for ext3. Meanwhile Ubuntu has no support for HFS+.
The disk I want to format is 300GB. Is that too big for FAT32? If so, how do I format it as such?
I’m open to any solutions, no matter how messy.

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