Gday Sawed_off, the props on these walkera's are the same on my UFO. They have a self tapping screw that goes through the hub of the propellor and the prop is made of pretty brittle plastic.
Go shopping for replacement propellers on eBay now, you can pick them up dirt cheap if you are willing to wait for international snail mail. My UFO has foam prop guards and I still manage to scratch the hell out of my props. Without prop guards, you are going to break a few props at first and probably rather quickly. Your radio is great, much better than my UFO transmitter and it will do for a much more featured quad as well, The foam guards are coming off my UFO some time in the near future. I think you'll find yours is much more zippy than my UFO, no prop guards means it won't be carry much weight around.
Your going to get hooked when you see how bloody easy these things are to fly.
Cheers, Marschy