So my brand new MyCloud is stuck in Device initializing when on the dashboard. It is rather frustrating since I cannot adjust settings. I was having (and still do) the MyCloud dropping off the network. I was thinking of trying to set a static route but I cannot get in to do anything through the dashboard.
Had the same problem. Turned out to be a Java issue in Internet Explorer.
Test it out by using a different browser, I used Chrome. If the dashboard screen populates normaly and you are able to perform tasks without freezing or getting stuck you will probably need to upgrade your Java in IE to Java version 7 Update 4.5.