Newbie (and possibly dumb) question about MyBook live and a mac

Apologies if the question I’m about to ask is a stupid one, I’ve had bad experiences in the past buying kit that claims to be compatible with a Mac but then isn’t. I’ve bought a WD TV Live box which won’t sync wirelessly to my iMac because I’m running Lion (case in point) so I’m looking in to buying a MyBook Live to both solve this issue and give myself a secondary backup of my computer. My question is will there be an issue with the MyBook live given what I want to achieve and my current setup? Can I use the MBLive as a secondary backup and then stream my iPhoto & iTunes libraries, as well as my own folder of variously formatted videos, from the MBLive? (I already have a LaCie drive wired up to the iMac as my primary backup.) Any help anyone can give me will be hugely appreciated.

You can backup your files in the my book manually or also use a backup program. Right now there is a compatibility problem with streaming your files to itunes, only music files will work. Check the link bellow if you want to know more.

http://wdc.custhelp.com/app/answers/detail/a_id/8412/session/L3RpbWUvMTMyODQ2MDQ3Mi9zaWQvN3IxTFBYUGs%3D