Well, it seems so: https://support.wdc.com/knowledgebase/answer.aspx?ID=2726
"The WD TV Live Hub Media Center, WD TV Live Streaming Media Player, WD TV Live (WDBAAx0000NBK) HD Media Player, WD TV Live Plus HD Media Player, and the WD TV HD Media Player (Gen 2) supports NTFS, FAT32, HFS and HFS+ file systems for media playback."
Now, I don't want to reformat the drive in NTFS, then wait for another three days to copy all the files from the old 2TB drive, and when it's done connect the drive to Live Hub only to discover that it doesn't work because of something else.
Also, if WD as manufacturer pre-formatted the drive in exFAT instead of NTFS, maybe it had good reason for that (efficiency, logevity,...?).
All suggestions appreciated.