What's the best way to share files between linux and windows 7 on a dual/multi boot computer?

"Easiest thing - A nas network share that will just work in both or a USB pen drive!

Apart from that, As Ubuntu can read from NTFS but Windows can't read from EXT2/4 etc.

In your setup, I would personally have a 50GB partition for Ubuntu and then you have a choice:

The rest for Windows and simply access the NTFS partition from Ubuntu (which should work) or creating a new drive of a few GBs, format with NTFS or Fat32, and use for sharing files.

I personally wouldn't share home directories cross operating systems, it may work - but in my books, it is asking for trouble later on."

"I was having the exact same problem you are having now.

Virtual machines are not an option for me as I'm a developer and need access to the physical hardware.
FAT does not meet my requirements as I often have to create DVD images - I would get stuck with this (FAT32 only allows files with a maximum size of 4GB).
I did not want to use NTFS, because the native Linux support for it isn't complete (writing is not fully supported) and the NTFS-3G driver uses too many resources - downloading a file from the Internet with a 100Mbit connection almost freezes my Core i3.
ext3/4 would be a good solution, but I'm using TrueCrypt to protect my data, and the ext-driver for Windows causes a BSOD if you try to mount a TrueCrypt volume.

This is the solution I've came up with:

Install Windows + Linux
Make your data partition ext3/4
Setup your data partition in Linux (create fstab entries)
Get QEMU or VMware for Windows. Install a minimal Debian system and assign the physical data partition as a second hard drive to that.
Setup Samba within the new VM, allow it to share that partition to its host. This way I can use the partition under Windows, and I don't have any of the above hassles with FAT or NTFS under Linux. I can also use TrueCrypt!"

"In my personal experience I had the following problems:

ext3: It works fine on linux but in windows always I was having issues. I could mount with EXT2 Ifs, but with the time I started to have some data loss, or corrupt files. At the end I only could see just garbage folders and files from Ubuntu. Discarded
NTFS: It works fine too, but the big problem with that is that in windows I´m really get used to hibernate my session, so in another moment just start my ubuntu session, make some changes on the partition and when I came back to windows, all the changes done on Ubuntu were completely lost, besides all the corrupt files created. This is because NTFS works with a caching system of the last changes in RAM See here ¨Caching and Data Recovery¨. Discarded again
FAT32: The most stable for me, the only ¨but¨ with this approach is the 4GB size limit.

So, like in each kind of partition I found problems, I decided to make a big FAT32 partition, where I put most of the files and another smaller NTFS partition to any circumstance where I need to record any file bigger that 4GB."

i use "Ext2 Volume Manager" on my windows (XP) system to mount ext2 and ext3 drives and have never had any issue at all. works smoothly and speedily. i highly recommend it, as it's open source as well.