I’m in the process of doing the rebuild. The first step is scary as it just ends. Seriously — it gives you a message that it is going to reboot a few times and it does it thing, and then the box disappears.
You are left however, with a purple health light and a purple drive light.
I’m currently installing updates and it seems to be going well, though I still can’t get into the server itself to try to restore my data.