If you're new to the hobby, I strongly advise against modifying a 5400z yourself. The cost of the z board (which you use only once), coupled with the need to download the right software and to understand what you're doing when you've got the back off the receiver, plus the chance of invalidating your guarantee by tinkering with the hardware and software means that the unmodified 5400z is not such a bargain for the newbie. Better buy a ready-patched 5400z from a reputable dealer, who will have done the work properly and who will give you a guarantee. Once the modifications have been made to the 5400z, it performs just like the 5400 and you can patch it with new firmware and software as often as you like. For further information, have a look at
http://www.axs-ict.nl/humax5400/Talen/English/index.htm
I've had a 5400z since November 2001 and it's worked well with a cheap French DiSeqC 1.2 motor. The 5400z has 32 satellite positions available. Some are pre-set, so this may account for the confusion as to whether there are 16 or 32. But in any case, if all you want are the films, the football and the mature content, you're unlikely to use more than about 5 satellites. Remember that your dish size will also determine the number of satellites from which you can receive and that a DiSeqC motor will not work satisfactorily with a dish much bigger than 1 metre (some enthusiasts have pushed the dish size to 1.2 metres, but that really seems to be the limit).
Finally, there is the question of future-proofing. No one really knows what hardware will be required when the new encryption systems SECA II, Viaccess II, Iredeto II) are hacked. Memory seems to be the limiting factor but, given the ingenuity and resourcefulness of the satellite community, especially all those people who've comprehensively modified the 5400 to meet changing conditions, it seems very likely that some form of add-on (eg additional memory) will become available. It's also possible that the hackers will find some way to do more of the decryption on the card (which may require a card with increased processing power and memory) which would be the cheap solution. If the worst comes to the worst, the 5400z has 2 CI slots, so you'll always be able to buy a slot-in CAM to accommodate any increase in memory requirements.
But there is always the risk that the new encryption systems will defeat us; in which case, the 5400z will be a particularly expensive FTA reciever!
wolsty