Yes, you can hot swap it just like the old 360's. They're a little different to take apart, but it's basically all the same. The only thing is that when you're hot swapping the disks, don't press down on the magnet that holds the disk in place, as this will make the "disc is unreadable" message appear. If you want to hot swap successfully, you'll have to use your finger to slow down the disk and take it off then quickly replace it with the new disk and put the magnet back on top. As long as you don't press down on the magnet while it's on the 360 you should be fine.