Just bought the passport elite 500 GB today, installed smartware and went through the update process (with a lot of new features).
Works fine under Windows 7.
The smartware software is very useful when you want to backup all day long your data without any action.
The initial backup is a bit long but after you forgot the synchronization of all the changes and have always an up to date backup.
Smartware writes under a hidden directory called WD_SmartWare in which you can access the saved files with a little bit of research. The saved drives are accessible through _ directory and after you can see the original tree of your drive.
As far as i'm concerned, good software except the lack of filtering for the backup rules and the poor performance of the restore window.
Hope it will be improved in the future updates.