UPDATE: I upgraded to 7.2.1

and added the MyBook drive and everything seems to work nicely (touch wood). Drive access is not a problem and the drive spins down after a few minutes of no conections to it.
Does the drive spin back up and mount properly? That's good news. If you look at the Apple discussion forum most of the posts about the AEBS are about hard drive issues. There's some info here, but I haven't seen as many posts.
Here's what I have gleaned from the Apple forums and my own experience (I have only used 1 AEBS router in my life).
From my experience, the HD works as advertised if I power on the hard drive (a Lacie 500GB USB Porsche drive) first, then power on the router. I had 0 problems with this setup with firmware 7.0, 7.1 and 7.1.1. Firmware 7.2.1 (since 7.2 is only available for gigabit version) would drop the drive after a day. Some people have reported that if you us DHCP and increase the lease time to 99 days, that it fixes the program. I didn't try that yet, but it is stable on 7.1.1.
Some caveats (as always, YMMV):
- Many people have reported that drives do not spin down unless the drive manufacturer has a "sleep" or low power function. Most of those seem not to spin back up after they spin down.
- Some drives that are actually RAID (many 1TB+ drives) didn't work initially since the AEBS didn't see them as 1 drive. Don't know if they fixed that.
- If you cannot get the drive to mount, try mounting on your mac, unmount it (without powering down) and connect it to the AEBS. Then power up the AEBS
- powered USB hubs seem to be better than non-powered ones.
- Some USB/Firewire drives don't work, many do (if you are buying one for this, I would suggest a USB only to stay safer)
- The firmware updates fixes some problems for some people, creates some for other people.
I have my iTunes library on this hard drive and it plays fine through my laptop and then to an airport express (which I also use to extend the network)
I would recommend the AEBS, but you may have to do some fiddling with the HD. But hopefully you'll be fortunate not to have any problems.