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The original Hitachi hardrive broke only after 2 years of use. I decided to replace the drive with a faster Seagate hybrid drive.
Opening the iMac was easy. I used a guitar pick instead of the small pizza cutter, because I was on a tight schedule and the package hasn't arrived yet. Since the hardrive is the easiest part to remove, the replacement was quick. I was pleasantly surprised that Apple didn't use a separate fan control connector so even with the new Seagate hybrid drive my Computer would stay quiet. The placement of the tape strips used to seal the computer back up was also easy, the strips even allow for a second alignment if you failed to place them correctly the first time :P
When closing the glass screen, press from the top corners of the glass towards the bottom of the computer(where the desk normally is) while you remove the last strips and close the glass lid. This should help you avoid the sub 1mm gap between the aluminium bottom edge and the bottom of the glass. It's nothing that anyone could notice in normal use, but it's a tiny bit bit different from the original.