After having read several threads on testing PP1 and the possible problems with add-ins I decided to do a server recovery and then install PP1 and then install the add-ins I'm using.
So I did last week. All went fine except I got a problem with the photo webshare, for which I found a resolution at:
http://www.mediasmartserver.net/forums/viewtopic.php?t=1156

All PP1 functionality seems to run fine. But there's one thing bothering me, as it looks like the HP update is 'broken'.

The following entry is from the HP MediaSmart Server.ini

[Server]
SoftwareVersion=1.1.1.13411
ProductVersion=1.1.1.13411
Serial=CN67290ADT
BIOSVersion=R02 Friday, July 13, 2007
PostOOBEEnable=pgsql-8.2,Jetty,HPNetMon,HPHealthMon,Bonjour Service,Firefly Media Server

Last update installed was according to the Home server Console on 1-1-1970. And when I Check for updates no updates are being found. Also the MediaSmartUpdate.log is not showing any error (there are sometimes errors, but to my knowledge this is just due to some catalog updates on the HP site, as I only see three of these errors on three different dates (running PP1 for a week now). But I do click on the update button multiple times a day.
Playing around with the msu-current value in the HP MediaSmart Server.ini did change the latest update date, but did not force the updates to work either.

I'm now getting to wonder whether PP1 might have broken the update mechanism. Or Do i just have the latest updates (as I did not have the HP 1.2 update installed because my WHS was off due to a vacation with no access to internet at all... so no reason to have it on).

P.S. This is a 'cross-post' from http://www.mediasmartserver.net/forums/viewtopic.php?p=12215

It seems like I'm not the only one seeing this issue.