hmm...
I was hoping that maybe I could just plug it in and it would magically show up - click format and be done...
Nah, you must be thinking of Windows 7. Leopard is a little more crude.
I discovered that Macs really hate NAS drives. First off, NAS volumes on your network won't be detected in Leopard unless you turn the firewall completely off (it wasn't like that in Tiger). Secondly, it's a PIA to mount them permanently. Technically you can add your NAS drive's shares to your user account's Login Items to mount them automatically, but...
A) On your next login (and any successive ones) you will get massive runaway CPU usage for about 10 minutes before it calms down. This will eat a LOT of battery on your laptop.
B) If you log out and log in (which you may have to do often if you're on a MacBook Pro, in order to change from 9600M to 9400M), Leopard will claim that your NAS shares are no longer available. Why? Because it tries to re-establish contact with the NAS drive a few milliseconds
before your actual network connection has been re-established, so naturally it won't work.
I had set up my MBP to mount two NAS shares automatically, but due to problems A+B I have gone back to manual mounting. It's hopeless. In Windows I used to have my iTunes library on a NAS drive. This always worked perfectly. When I tried the same thing on Mac I ran into lots of problems. If the NAS drive wasn't connected, iTunes for OS X would arbitrarily change the location of my iTunes library back to the default one (my local Music folder). iTunes on Windows just says the files are unavailable, it doesn't destroy your settings like the Mac version does. And often it couldn't find the files even when the NAS *was* online. I could have the NAS drive open in a Finder window yet at the same time have "(!)" icons show up in front of song names in iTunes, and once that happens it will never find the songs again until I manually tell it where the files are. One by one.
It always amuses me when Macs are touted as "user friendly", yet when one little anomaly occurs the solution is either to write a load of cryptic code in Terminal or to reinstall the system. I haven't run into this amount of issues, bugs, general crudeness and weird DIY solutions in an OS since Windows 98.
So... save yourself from the headache and don't use the NAS drive for anything associated with Macs. For Time Machine, use an external firewire or USB drive, or buy one of those ludicrously overpriced Time Capsules from Apple.