Unfortunatly I have next to no information about what happened here but I spied my MyBook Live showing a blue LED status and I positivley heard the drive spinning. The MyBook Live’s working fine and it seems like the LED is now showing the correct status.
Now this IS a guess… Maybe I spied the drive waking up so the drive spins up and there is, maybe, a small delay between the drive spinning up and the LED then turning Green? (WDTony, could this be the case?)