Hi everyone, sorry to bump this old thread, but I've released an update for Party Buffalo. If you want to read about it, check here: http://clkxu5.com/2012/11/09/party-buffalo-2-0-1-0/
The short version: all hard drives should now work properly, "latest news" bullshit was removed, and between 184.108.40.206 I released another update on my blog (not pushed out as an official update) which fixed support for devkit hard drives, which is also included in this version.
This is most likely the last update for Party Buffalo. The blog post explains all of that.
Latest version: http://clkxu5.com/drivexplore/Party%20Buffalo.exe