George_Hegland Well, after playing around with this for about an hour I can confirm that on Linux instances the default file system is ext4 and on Windows server you'll get ntfs. This isn't cut in stone tho, it's easy to format the device and use another file system.
Encryption was no issue to add either, tho I don't see the point in having encrypted drives on a cloud server that is running 24/7. It does make sense if you only mount it when you need it and use it for personal storage of sensitive files tho so I'm not gonna argue against encryption, point is that it works, and it's just as easy to setup as it is on a local secondary disk in your home PC.
Can't speak for the performance tho, but during the time I was using it I had no issues with I/O speed. I guess it can "very between regions", like most of the stuff around here.