The newest firmware release 3.01.19 (12/20/11), says that WD TV Live Hub supports something new:
Supports adding network share folders into “My Media Library” (Use options button).
Does anyone knows how can we do that? I have an other one WD TV Live with an external HDD of 1.5 TB and I want to add the content of this disk to the Media Library of the WD TV Live Hub without copy the content to my local internal disk.