The Slingbox 500 has a USB port to connect an External Hardrive, this and the HDMI passtrough are the only difference between the Slingbox 350 and the Slingbox 500 (plus the $150.00 price tag diference). The new firmware update only allowed to view the files on the TV hooked to the slingbox (or through a select group of tv streamers in your network) and to upload media from your phone to the external hard disk. This additional slingbox 500 feature over the 350 can be accomplished with a cheap (under $50.00) streaming box. When I bought the slingbox 500 (after reading all reviews) I was under the impression that the Slingbox 500 would allow to placeshift my media files. I have seen many reviewers state that the $150.00 difference is not worth it, and I am considering replacing the slingbox 500 with the 350. I would like to have the ability to placeshift my media content on the external hardrive, this option by itself would be worth the additional $150.00. There are very few devices that can placeshift media content from an external hard drive and none can placeshift hd video. Being able to invite family or friends to my slingbox to share my hd family videos in real time was my main reason to invest on the Slingbox 500. Please let me know if this is something you are considering for the next firmware update.