Hi all - just to comment on the power supply requirements in the previous posts, the first thing the 5v input goes into is a 3.3v voltage regulator. If you look at the corner with the USB input, the 'can' is a capacitor, then the square block with the tab on the top and the two pins is the regulator...

I just got my 'Pi and was reading over magPi especially the board layout description. The input is 5 volts but right after the 5v input is a regulator that downconverts the voltage to 3.3 volts. Regulators can handle up to a certain peak voltage and generally will regulate down to within a volt of t...