The SSD model has the flash chips soldered onto the motherboard, but you should be able to replace the drive on the HD version with a suitable 1.8" unit. The built-in RAM is also soldered in, although there is a free DIMM slot. Apparently you have to disassemble a lot of the laptop to get access to it, but it is doable.
That's because they don't sell them at retail. 1.8" drives are specialty components that are used in small devices, like the HD-based iPods and other HD-based PMPs, as well as small computers like these types of subnotebooks and the Macbook Air. They're a little tough to find so an upgrade wouldn't be that easy, but it is doable.
I am easily pre-ordering the 1gb ram, 80gb hdd version from NCIX for $430 shipped to the US.
This rekindled my enthusiasm for netbooks after being disgusted over the wind and eee's skyrocketing prices into normal laptop range for the decent (read: minimum acceptable) spec versions.
Anything in the $500 range like the rest of the netbooks are reaching would be better off just buying a 14" laptop on a deal for $500-700 for a crapload more in the way of specs in my opinion.