Are you on Mountain Lion? Seems to be an issue from what I am starting to find out. Very frusterating. I have had my drive for a while (its a Studio gen 1 for Mac) for almost a year now. Worked great on Mountain Lion.
I have literally tried everything. Resets, reinstall ML, wiped internal drive, fresh install of ML, etc… Still its messed up.
I am in the process of putting my internal drive data back from my network drive backup. My studio drive via Firewire has my iTunes library. Very scary situation.
