You can hot swap them. No need to reboot the console. Just plug and play.
— Jason Ronald (@jronald) September 12, 2020
According to Microsoft's Jason Ronald.
So if you have more than one with games on it you can just exchange them without a power off. Not sure who has that many games on the go, but that is a neat feature.
On a side note, has there been a leak of the connection that PS5 will be using for their external drives? I assume it will be more than just a USB port
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