All five of the ReplayTV boxes in our house, and two at our son's house, have had hard drive upgrades. It's a fairly straight forward and reliable process. However, I agree with the frosty bovine and suggest waiting at least a few weeks, or ideally 'til the 90 warranty is up, and then have at it!
I usually plug a new ReplayTV in and make sure everything works and then proceed to replace the hard drive. Others wait a few weeks or until the warranty expires before doing any upgrading. It's all personal preference and what you can afford (or not afford) if something breaks.
You can probably use a hair dryer to heat up the warranty seal so that you can remove it without destroying it. Then you can procede to upgrade the box, and if it chokes before the warranty is up, swap it back together. I do the hairdryer thing on xBoxes all the time without issue.
I have upgraded all but the first ReplayTV prior to the first connect. Using this method, I don't have to go through the Setup stuff to get started and I know I'm going to replace the 40GB Hard Drive pretty soon anyway. All I have to do is activate them with DNNA and away I go.....
I suppose there is a little risk but most problems I've seen on the board here are related to a bad hard drive or software load on the drive. It's a risk I'm willing to take - especially with the $50 and under 5040s.
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