Not entirely accurate. Yes, you will be able to mount your NTFS/VFAT drive under Linux. That's the easy part. Your Linux partition will appear as an unformatted drive under NT. DO NOT format it!
There is a utility for Win32 that will allow you to read/write to/from your ext2 partition. However, I have heard varying reports as to its quality. Use caution. If possible, I recommend using two separate systems, since NT and Linux can communicate quite well via the network. However, if youmust dual boot, your best bet is to do all your file transfers between drives under Linux.