thanks for you reply. I did check a smaller volume size of 2 TB and that made replication work. Also I have read about adjusting some memory settings and I will try your suggestion tomorrow. Unfortuanetly, the remote access to the console seems to be kinda useless on Macs, since I can't seem to figure out the correct terminal settings, thus I can't login but can't issue any command except F1.
As am running with a 2 TB volume, I will try to remove it and create a new one the way you suggested.
Are there any number on the impact replication will have if there're equal setups on either end? Right now, my replication server is considerably slower than the source server and that seems to have a huge impact on overall performance.