I wanted to give you a quick pointer to a very interesting blog post that discusses the subject of Exchange database fragmentation on incorrectly formatted NTFS volumes, what the ramifications of those situations can be and how to deal with them. It has been written by Mike Lagase on his blog and can be found here:

http://blogs.technet.com/b/mikelag/archive/2011/02/09/how-fragmentation-on-incorrectly-formatted-ntfs-volumes-affects-exchange.aspx