I've found the only way to power down the drive is to eject it from Finder. Also, soon as the computer wakes from sleep, the drive is powered back on. I've written an applescript that ejects the drive, and mounts if it's already ejected.
I also found SleepWatcher to execute an applescript from wake that will eject the drive as a work-around, but i'd rather not be turning the drive off/on that often.
I'm hoping there is a way to disable it from being auto attached?