When you convert to NTFS, all files and directories default to Everyone - Full Control.

When you format a drive as NTFS and install Windows NT, the following default permissions apply (assuming drive C:):

C:\

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
System - Full Control

C:\Msapps and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\Program Files and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\Temp

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
System - Full Control

C:\Users

Administrators - Special (RWXD)
Everyone - List(RX)
System - Full Control

C:\Users\Default

Creator/Owner - Full Control
Everyone - Special (RWX)
System - Full Control

C:\Win32app

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%

Administrators- Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Config

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Cookies

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Cursors

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Desktop

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Fonts

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Help

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\History

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Inf

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Java and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Media

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Nwspool

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\Profiles

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\profiles\Administrators

Administrators - Full Control
System - Full Control

C:\%SystemRoot%\profiles\All Users and <subdirectories>

Administrators - Full Control
Everyone - Read
System - Full Control

C:\%SystemRoot%\profiles\Default User and <subdirectories>

Administrators - Full Control
Everyone - Read
System - Full Control

C:\%SystemRoot%\Profiles\<username> and <subdirectories>

Administrators - Full Control
<username> - Full Control
System - Full Control

C:\%SystemRoot%\Repair

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\Shellnew

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Cache

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Config

Administrators - Full Control
Creator/Owner - Full Control
Everyone - List
Server Operators - List
System - Full Control
C:\%SystemRoot%\System32\Dhcp

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\System32\Drivers and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\System32\Inetsrv and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Lls

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Logfiles

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Netmon and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Os2 and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Ras

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change(RWXD)
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\System32\Repl

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\System32\Repl\Export and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Replicator- Change(RWXD)
Server Operators - Change(RWXD)
System - Full Control

C:\%SystemRoot%\System32\repl\import and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Replicator- Change(RWXD)
Server Operators - Change(RWXD)
System - Full Control

C:\%SystemRoot%\System32\Spool and <subdirectories>

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Read(RX)
Print Operators- Full Control
Server Operators - Full Control
System - Full Control

C:\%SystemRoot%\System32\Viewers

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

C:\%SystemRoot%\System32\Spool\Wins

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change(RWXD)
Server Operators - Change(RWXD)
System - Full Control

C:\%SystemRoot%\Temporary Internet Files and <subdirectories>

Administrators- Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control

Other directories

Administrators - Full Control
Creator/Owner - Full Control
Everyone - Change
Server Operators - Change
System - Full Control