I discovered this last week while trying to find a fix for an issue I had with my ContourROAM camera not keeping the correct time:
How To Upgrade ROAM1 into ROAM2
There are other web sites and videos that all describe the procedure. Be sure to install the Contour StoryTeller software and check out some of the other new features that get added.
There is one complaint about doing this though; it doesn't record well under low light after the upgrade. If filming at night is important for you, don't do it.
The upgrade/hack also fixed my time issue. :)