the choice is yours,
my externals are ntfs, mainly because i have a windows laptop and because i triple boot with xp as one of the operating systems (my main system is linux),
so its easier than installing ext2fs on all windows that i use,
regarding fragmentation, linux is a logical operating system, there is no fragmentation - even on ntfs drives,
there is a maximum file size limit for ntfs - its 16gb, ext4 is 16tb,
i doubt the limit on ntfs will be cause for concern,
there really is not much difference in the choice of file system - apart from personal preference,
i prefer ext3 and ntfs as i use partimage for imaging and there is no support for ext4,
if it works - leave it as it is