In Red

Question :

When looking at the space left at My Book the scale is now showing up in red… when before it was in green.  I am assuming this means that it is close to being full.  Is this true or does it mean I have a problem with My Book?

Wich My Book drive you have and what operating system?

If you are using Windows Vista or  7 this means that the drive is getting low on available space

Not sure if this will work for you but you could run disk clean up or you could also delete data you dont need manually

Here is how to delete files using Disk Cleanup

The following procedure cleans up files associated with your user account. You can also use Disk Cleanup to clean up all the files on your computer.

1.       Open Disk Cleanup by clicking the Start button . In the search box, type Disk Cleanup , and then, in the list of results, click Disk Cleanup.

2.       In the Drives list, click the hard disk drive that you want to clean up, and then click OK.

3.       In the Disk Cleanup dialog box, on the Disk Cleanup tab, select the check boxes for the file types that you want to delete, and then click OK.

4.       In the message that appears, click Delete files.

Delete files using Disk Cleanup

http://windows.microsoft.com/en-us/windows7/Delete-files-using-Disk-Cleanup