Maxtor One Touch III with Fedora Core

[linux]

Just got a new Maxtor One Touch III.

Plugged in the A/C
Plugged in the USB
Got the New drive deteced message box.
Selected open in new Window

Got an error box which said "invalid filesystem type"

I want to use this drive to store my subversion repository.  What steps 
to I need to take to make this work?

Do I need to reformat the drive to ext3?  Do I need to modify my fstab?

Thanks,
Ed