These are my experiences setting up the WD MyBook Live up using Linux (Ubuntu).
Only trouble was to locate the device (IP-address). I could not figure out what default IP-address it uses
when no dhcp-server is available. I use static IP adresses.
So I set up my router as dhcp server and user "nmap x.y.z.c/24" to scan for the device. I think that it might have shown up under "Network" if I had just waited.
Once the IP address is known - use a webbrowser (Firefox/Chrome) and the IP-address. From here just follow the manual about configuration "Dashboard". I did not have any trouble setting up the device or connecting.
Read/write speed using Ubuntu graphical filebrowser nautilus I have got 43-50/37-40MB/s - (Pentium E6300 pc). This is fine for me and I have not tried any optimization.
WD - You do not advertise that it works with Linux? Or write anything in the manual?