Western Digital My Book 2TB Smartware Not So Smart

I recently got a 2TB WD MyBook for doing offsite backups. Didn't realize that it comes with one of those annoying virtual CDs that mounts itself every time you plug in the drive. Dear Western Digital: I don't want to use your bundled software. I want to use the entire space on the drive.

So far there does not seem to be an easy way to get rid of it. Enough people must have complained that WD is providing a firmware update, but the update does not work for Studio versions of the drive.

Their other solution (and I use this term loosely) is to install their so-called Smartware program so that you can configure it to hide the virtual CD. No thanks.