Since mid-2011 lacie change the hardware configuration of the network space v2 to a lower one.

% cat /proc/cpuinfo
Processor	: Feroceon 88FR131 rev 1 (v5l)
BogoMIPS	: 795.44
Features	: swp half thumb fastmult edsp 
CPU implementer	: 0x56
CPU architecture: 5TE
CPU variant	: 0x2
CPU part	: 0x131
CPU revision	: 1

Hardware	: LaCie Network Space Lite v2
Revision	: 0001
Serial		: 0000000000000000

% cat /proc/meminfo
MemTotal:         124252 kB

• SPI flash, NOR 512MB (MACRONIX MX25L4005CMI-12G)
• Ethernet Gigabit port (PHY MARVELL 88E1116R)
• 1 USB2 port, 1 connector host and 1 connector device (except for Internet Space v2)
• 2 LEDs (blue and red with CPLD SATA activity blink)
• Power push button

The support of this configuration is not yet mainline in the linux kernel. A patch from cvubrugier is under validation to be put mainline in the linux kernel. You can find it here

/dev/sda5	SWAP
/dev/sda6	RAW Kernel
/dev/sda7	ext3 		/
/dev/sda8	ext3
/dev/sda9	ext3 in unionfs
/dev/sda10	RAW Kernel 

The hard disk can be entirelly wipe. But if you want to be able to boot your new system without have to flash uboot you need to respect the position of the kernel and the root filesystem.

The kernel have to be on the /dev/sda6
The root filsystem have to be on the /dev/sda7

To install your custom build kernel do a raw paste on /dev/sda6

#dd if=uImage of=/dev/sda6