It doesn't look like that to me. Judging from the HP Documentation you linked to, if you get a replacement drive, the Server Recovery mode should do the trick for you. However, your mileage may vary.

The home server even has its own password protected Internet address, so you can access and upload music, video, photos, and files from any web-enabled computer in the world. $700, hp.com See Them All ...

The two top models, the HP MediaSmart Server EX485 ($599.99 MSRP) and EX487 ($749.99 MSRP) both come with a total of four user-serviceable drive bays--these two models are identical to each other ...

There was a buzz earlier this year about HP’s MediaSmart Server LX195, a network-attached storage (NAS) device you can use to store music, videos, and more on your home network. Its intuitive ...