With current firmware on both a WD TV Live SMP and a WD TV, it has been suggested that the only major differnce is that the WD TV can not connect to Netflix. But with limited updated documentation it’s really not clear.
You could visit this page:
http://www.wdc.com/en/products/homeentertainment/mediaplayers/
and see that it says that the WD TV Live lacks Miracast and Home Screen Customization capabilities, but the most recent firmware seems to have added these, making Netflix capability the only difference.
Maybe someone from WD will answer?
