I used to use WBFS but when I realized loaders supported FAT32 I switched.
The ONLY thing that can't use a FAT32 partition with a /wbfs/ folder is uLoader (which can use FAT32 but it needs to be a /cios/ folder).
The only benefit I see in NTFS is the 4gb+ files and that is overcome by being able to split the files in the /wbfs/ folder.
The other "benefits" of NTFS or EXT# don't really amount to much to me.
SECURITY only seems to get in the way. If you want to protect it, they can just plug it into a computer that'll with software that'll ignore the security.
ENCRYPTION has no use on the Wii and kinda makes having a PORTABLE hard drive useless since only ONE computer will be able to read it outside of a domain network.
COMPRESSION is not all that useful when
.wbfs files are already compressed and have the disk padding removed.
I can see if you using the disk for other 4gb+ files aside from Wii games but that's not my case
Edit : Sorry, I've been corrected. They're just not very compressible by standard means.