Re-use Series 3 MyBook on a Premiere?

A year or so ago I decommissioned a old Series 3 Tivo with a WD MyBook extender and replaced it with a Tivo Premiere. It's a second Tivo on my system (along with a Premiere XL4), so its relatively minimal storage is inconvenient but not critical. I do at times, though, wish that it had more.

So it occurred to me the other day, why can't I take the WD MyBook extender from the Series 3 and re-use it? I'm tempted to just plug the darn thing in and just see if it works, but I'm wondering if the new Premiere will automatically reconfigure and reformat it. If not, what do I need to do to make that happen?

Thanks in advance.