To all people still searching/awaiting an answer, I recenty contacted Western Digital’ support. This is the response I got from them:
[deleted for privacy]
In response to your inquiry; when setting up the WD Smartware software it gives you the option to password protect it, this is not a requirement it is an option, to access the drive you have to enter your password first. If you remove the security feature then it will never ask you for a password.
Answer Title: How to set up security in order to lock and unlock a WD (+ SmartWare) external drive
Answer Link: http://wdc.custhelp.com/cgi-bin/wdc.cfg/php/enduser/std_adp.php?p_faqid=3741
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