Near quarter century old musings ...
NTFS first shipped with NT 3.1 ... mid 1993. NTFS was quite stable (for me!) in every version of NT that I used it with, right from the git-go. NT had read/write access to HPFS starting with NT 3.1, and could even be installed on an HPFS partition (remember, NT was supposed to be a version of OS/2. Also remember that MS also wrote HPFS, not IBM). Microsoft depreciated the use of HPFS starting with NT 4.0. Both NTFS and HPFS (and every other serious FS that I am aware of) can be marked read-only. The biggest problem with HPFS is that it wasn't a journaling FS. The other major issue was that NTFS and HPFS used the same partition type (07); some badly written disk utilities didn't differentiate between the two, causing all kinds of screwups when well meaning, if ignorant, users ran the wrong tools on the wrong partitions ...