If you use a Mac, you only option would be fat32 (aka MS DOS(FAT)). For Windows 7, it's a little harder to format a drive with fat32 these days, it will offer you ExFAT which isn't something the BDP is reported to support, so your best option is probably NTFS.
There won't be an audible difference between the file system, a difference would most likely mean the drive is about to have a failure. The music files are data at this point and have to be copied to local memory and unpacked before shipping the data to the sound card where the PCM stream can be impacted by various things us Audiophiles like to fret over.
What enclosure are you going to use? The power supply will have more influence than the drive type, brand or filesystem.