New purchase - storage not present

Yes, they are supported.

“I’ve attached my USB 3 portable 1TB drive to the FRONT usb port, the light on the front of the new WDTV is continuously flashing, its showing no storage present, I have no idea what the problem is!”

You need to wait some time, until the drive is scanned and mounted by WD player.

During this process both drive and WD player should blinking intensive,

when its done the WD player light should stop blinking and remain permanent light.