I recieved this hard drive for Christmas and have just set it up after reading all the reviews on Amazon. I found these very helpful and would like to share my experience with this product.
It's pretty easy to set up. I plugged it in and my Windows 7 computer said there was no driver for this device, but it still read it. When you open the hard drive location, it has all the pre-loaded software on. After reading the other reviews about it, I must admit that I was a bit panicked, but I decided to steer clear of the software and use the hard drive as a drag and drop device, the same as my USB stick, so that I can use it at college or work.
I decided to copy the pre-loaded software onto a DVD disc, should I ever need to use the software. I would recommend this and also to print a copy of the user guide which is pre-loaded.
Another two points that may be useful are on the actual product page. One is:
"WD SmartWare Software
You're in control of your backup. With our intuitive backup system you can decide how you approach securing your data for the future - you can install all the features, select just the components you need, or if you prefer, choose not to use the software at all."
I would also recommend watching the product videos too, as this will give you a look at how the software works, so its up to you what you want to do with it.
Hope this helps!