New Release - WDTV Live Plus Firmware Version 1.06.34_B (9/24/12)

You don’t extract it.  If the file says wdtvliveplus_1.04.31_B, change it to wdtvliveplus_1.07.31_B which would be higher than the one you have installed.  Once loaded it will show the correct FW installed. 1.04.31_B.

This is incorrect.  I was thinking of another FW Rollback.  The post below is correct.

Sorry for the confusion.