I seem to have encountered the same problem after following the installations instructions and firmware upgrade.
I found a way round it by using the software from the installation CD to access the drive, after re-installing it select option "1-Open your MyBook Live" you can then access the drive.
This is a temporary solution, I hope, I wrote to WD and still waiting for a reply back. ...funny to say.. when i double click on the MBL shortcut, it directs me to the following link - http://mybooklive.co.uk/ ( chrome and FF)
This seems to be a software issue as I can access the device from my iPad using the relevant apps. The hardware seems to be in perfect condition and I will wait for WD to resolve their software issues, being firmware and/or UI.