Yes, I did that with previous models and I can almost guarantee that the same will work with this device. It's quite a simple procedure once the device has been opened.
In my case I did it on Linux, I simply ran the dd command to make an exact copy of the original card onto my target card and then used a partition editing program called gparted to enlarge the storage partition to fill the new card.
The process can be time consuming, but you're essentially only running two or three commands. I made a bit of money upgrading several Kobos to 32GB with this method and it's really rather painless.
One thing I'd be very interested to see is what speed the internal SD card is and whether you could get a significant performance increase by upgrading the card for both size and speed.
EDIT: Tomorrow I'll be performing an SD card upgrade on both a Glo and a Mini, I'll keep you updated but I'm confident that it will work flawlessly.
Last edited by jefftheworld; 10-21-2012 at 10:25 PM.