http://www.wegotserved.com/2009/10/09/hp-mediasmar... 47x users - make sure you bump up the ram to 2gb. All users - make sure you back up your backup database using the BDBB add-in first as I believe the 3.0 upgrade is installed using a server recovery (which whacks your client backups).
The EX470 is a pretty good starter Windows Home Server but it could use some additions to improved performance. First: the base 512MB of RAM is pretty anemic. HP now allows you to upgrade to 2GB without voiding your warranty. If you've updated to version 1.3 of the HP software, this upgrade will do wonders to improve performance. Replacing the stock driver for the SiS191 will most likely be the second most noticeable modification you can do. On the SIS website, choose the Windows 2003...
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