You are right. The info is on a small partition that doesn't get mounted and does not contain a conventional filesystem. See here. (The playlist Roger mentions as being nuked too is current playing order, not any of your permanent playlists. However, you do lose EQ presets you configured and such things...) Beware, however, that current 2.0b3 player does not like being started with an empty playlist. If, after nuking the dynamic metadata partition you find your player continously dying and restarting, downgrade to 1.03, start playing something, then re-apply 2.0b3.

I think it was Roger who kind of promised to document contens of the partition (in his copious spare time, I presume), so that we could nuke, and, more importantly, backup/restore, selectively.