Modern means that it'll properly deal with big files (over 4 GB), and long international file names (over 8.3 UTF characters).
The best solution I've found so far is a TrueCrypt exFAT volume on an exFAT USB stick.
It's modern, and okay but not great in reliability. There's some caveats and things to watch out for though to make this work well for you.
(1) On Linux, you may have to install exFAT support. On Ubuntu, by doing something like :
sudo apt-get install exfat-fuse exfat-utils
(2) Create an exFAT USB memory stick by formatting a USB memory stick on the latest Windows OS. You should be able to just right-click on your USB stick in Windows Explorer and choose "Format". Then choose exFAT instead of the default NTFS. 
I suggest doing this on Windows to ensure it's done properly. It'll probably work fine on Linux as well (just make sure to format as MBR, Master Boot Record), but Macs definitely seem to have problems formatting to exFAT .
(3) Create your TrueCrypt (TC) volume on the USB stick as usual, formatted to FAT format. Then mount the TC volume and format it in exFAT on Windows as well.
You may have to do this in the Windows cmd command prompt (select the Windows menu "Run" command, then type in cmd to open the prompt). Make note of the drive letter of the TC mounted volume. Then in the prompt, issue the format command:
format [volume] /FS:exfat /Q
Of course, replace "[volume]" with your drive letter ("h:" or whatever it turns out to be) .
(4) Now you've got the modern file format, exFAT, in a TC volume on an exFAT USB memory stick, which'll work on all three major desktop platforms: Mac, Windows, and Linux.
Just be careful to always safely eject both the TC volume and memory stick when you're done.
exFAT is modern by our definition, but not great in reliability. It's not a "journaling file system" the way Ext4 (common on Linux), HFS+ (on Macs), and NTFS (on Windows) are. exFAT harkens back to FAT and old-school HFS file systems, requiring periodic user-initiated manual file system checking to maintain it.
You'll corrupt the exFAT file system and lose your own data if you don't carefully let the OS finish doing what it's doing with it before unplugging the memory stick.
You've been warned .
 How to Mount and Use an exFAT Drive on Linux
 Use the exFAT File System and Never Format Your External Drive Again
 Bug with FAT and ExFAT File System
 Format Encrypted Drives As ExFAT To Make Them Play Nice On Windows And Mac
 Does OS X hate exFat?