Just to clarify some of the other posts, Slayers turns on FTP when you boot it up. If the IP address listed at the top of the screen isn't 0.0.0.0, then it picked up your router (if you have one) and you can FTP into that address and backup your files. It's NEVER a bad idea to back up your stuff. I waited an extra day to take the plunge until I had my FTP online and files copied. It was painstaking to wait an extra day, but now I have an original backup at my disposal, and there's nothing bad about that...
Slayers worked for me without any complications, but it was nice knowing that if it messed up, I had some recourse to get my drive back to an original state. I forget if this is a brand new unit. If not you are going to lose your game saves, unless you back up your drives.