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The manual says to power down the phone before removing the SD card. In fact it specifies off, as opposed to just asleep. To my way of thinking, that says 'no' to a hot swap.

This may not be recommended, but I did it just to see what happens...
I have taken mine out and put it back in while the phone was on, without doing any "mounting" or anything. When I put it back in, I was still able to to access my music and pictures without a restart.
The problem would occur when you replaced the original card with a new one. You might have a bit of trouble accessing information that the phone doesn't know is there.
It is best to unmount the card and then mount the new one so that the phone knows there is new data to scan. Very easy to do. Settings > SD card & phone storage > Unmount SD card. Once the new card is in simply mount it and you are done.
