I too have had the Problem of a slow dashboard since I updated the firmware to the latest update (v04.04.01-112). The dashboard update was slow before, but tolerable. It is glacial now. As a professional in the field I can see why, and I know that the software needs to be updated.
I turned off the DLNA (twonky). That speed up the system considerably, especially when it is doing the update for media database. The poor little processor is taxed, and the whole system becomes I/O bound .
1a) This helps when you are connecting to the shares directly via Computer or via WD TV or WD TV live. . (I own both the WD TV and TV Live)
1b) This is bad because my TV (Samsung Smart TV) cannot connect to a media share (since we turned it off), and while I can use the WD TV to play the files to my TV they do not handle the x265 codec, which my TV does. .
1c) The DLNA finally recognised that I had USB drives to be cataloged however that adds to the overhead, and slows things down (although all the drives are USB 3, the whole system is slowed down to the USB 3 speed), and again it takes forever to do that Database
The home settings accurately reflect the total amount of storage, and used now! The little menus at the top are really easy to use!
When starting (or restarting) the Machine, I must power cycle all of my (WD) external Hard drives, otherwise they are not recognised. (before anybody says anything I am using a powered USB 3 hub to connect them, and have not had any problem before other than not being recognised by the DLNA)
When I turn on the DLNA, the whole system slows down again. After waiting for a loooooooooonnnnnnnnng time, and the whole database is updated, it is still slow. I try to connect to the media server, and the TV will either wait, with nothing happening, or comeback with no media found. I cycle through a few times, and finally get to a point I can play something. 99% of the time when I try to play something it will just wait and wait and wait. (The tv and the my book are connected via Gigabit connection). If it does start playing then will play just a little bit, buffer, and hang. Sometimes I get connection gone. with a wired connection this seems weird.
4a) It is not just the TV, my WD TV, and my WD TV live both suffer from this when I am using the media connection. In their case, they will just hang, and eventually time out. You figure WD should talk to WD?.
All in all I am mostly disappointed with this upgrade. It seems that the hardware is being asked to do too much, with too little available. Maybe if the coding is optimised, this would work, or the twonky gets updated somehow.
I am fortunate, I can make this work. It is annoying, but I have to move a Hard drive to the TV if I want to play x265, but I can do it. But that is now what I purchased the Mybook for