Default is HFS+ w/ Jounaling enabled.
But if you startup off the Panther CD, you can always use Disk Utility, and erase the volume with or without Journaling enbaled.
You can also "switch" it on or off in the CLI (type "disktutil"... you'll see from there)
I have tried a couple of Panther dev. builds with journaling on and off.... I didn't notice any speed differences. Don't know what a video editor has to say about it though.... (or anyone else using heavy disk related apps).