After being around for 2.5 years the WD My Book Live has been replaced by the WD My Cloud. My timing was a bit off since right after I purchased my 2TB MBL the MC was introduced. There is also the new My Cloud EX4 NAS.
At any rate I found the MBL to be just right for my purposes - backing up the DVD's in my collection that have not been issued on Blu-rays - and the list is long. Since my HDTV plasma and front projector are located in the same room as my 500+ Blu-ray collection there is no desire (or need) on my part to rip any of the BD movies to a HDD. There is also the reality that hard drives fail eventually.
I've been using the MakeMKV beta and it's been great so far. Being able to eliminate the parts of the DVD that are unnecessary before creating the mkv is a big plus. I run the program off of a spare computer I have in my media room and move the files over to the MBL which is in a guest bedroom where the modem and router are located, everything is connected via ethernet cable. I've done over 50 DVD's, averaging 8-10 rips per day so it's slow going. Once the mkv file is on the MBL I use the ThumbGen Lite program to generate the necessary graphic data to use with WDTV Live streamer. The two devices have been a good match.