I have come to an impasse after reading all these replies. The answer to my original question appears to be,
YES, you can use the same hard drive to simultaneously store data from the PC and the Xbox One. However, it should be noted that you
must use third party software to achieve the desired results(which seems a little hacked together in my eyes). Therefore, I choose not to use the same hard drive for storing all my data since it doesn't seem to be a part of Microsoft's current plan.
As for the future, I would love to be able to partition a single hard drive that I could use for the Xbox and PC simultaneously without having to use any third party software. Furthermore, because I am uncertain about supporting third party software that
I have not personally used, I shall mark this reply as the answer while giving credit to
Jaymo1978 for providing an alternative for people that want to take a chance.
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Hi Neve! In fact, there IS a way (and it doesn't involve the Dark Side. :-) Now, I haven't personally tested this method, but it sounds fairly straightforward. PCs can indeed read both NTFS and FAT32 file systems. The problem is, when the Drive is formatted,
something called the "MBR" or Master Boot Record is overwritten. When an MBR is in Xbox One format, the PC no longer recognizes it, and vice versa.
The following link has a tool which allows you to temporarily re-write the MBR so that the PC can once again read it. (Make sure to select the correct drive, and NOT your computer's hard drive.) When done, you can switch it back to Xbox mode, and your console
should be able to read it again.
I should say that I make NO warranties with this program, and the developer makes a little warning statement about not being responsible for loss of data, but only because he hasn't tested it on all brands of drives. If you have a standard External Drive,
my guess is that it should work fairly universally, but again, no promises or guarantees, YMMV.
If you decide to give it a go, let us know how it works for you!