Thanks for the replies, and sorry I couldn't reply for a while.
stevech, I'm also an engineer, and I would *really* prefer a Synology or QNap NAS. I checked the specs, features & applications, the BYOD concept and the web demo of the Synology, and ideally I would have a Synology 213. However, it's too much money for what I will use it for.
thiggins, thank you for the detailed information, especially regarding backups. I was planning to have a backup of the entire WD Live anyway. It seems I can put my photos, videos, music and Time Machine backup on the NAS, and then have it copy all its contents to a 2 TB USB drive connected to the EA3500 by itself. This is good enough for me.
MoogLe, glad to see a happy user of the WD Live! I hope to have it stream to an LG Smart TV also, and I'm happy to see it works well.
Yes, I don't have too high demands (or expectations) from the WD, I mainly want it to be an "entry level" NAS for consolidating my media to a central place (and have it backed up!). 2 TB is plentiful for me ATM.
It seems the WD Live will serve me well for now. If/when I find it limiting after a few years, and I find their cost acceptable given my expectations, I will consider a NAS fit for an engineer.