I just purchased a new 21.5" iMac and would like to install Windows 7 on a 500GB Boot Camp partition. I would like to use exFAT as the file system on this partition given it's advantages, but I'm unclear whether Boot Camp Assistant will allow me to do this.

The latest Snow Leopard has added support for formatting partitions in exFAT with Disk Utility. Will Boot Camp Assistant force me to format in NTFS, or can I just install into an exFAT partition without formatting first?

I've never used Boot Camp Assistant before and I'm a little uncertain about how this will work out.

Anyone out there done a Windows 7 install using exFAT before?