I have a late 2011 Macbook Pro and an AirPort Extreme router and use Time Machine as backup to the WD My Book Live.
Every once and a while time machine wants to create a new backup, so I delete the old backup from the MyBook and start up TM. It’s backing up 350GB from the Mac and Time Machine is telling me it will take over a day to complete!
I’m on FiOS and have tested downloads through the AirPort Extreme, video streaming from iTunes to an iPad so I am confident it’s NOT the router.
Same with me. MacBook Air late 2010, Mac OS X 10.8.1. It used to work in Lion, but the first backup after upgrade is taking forever (month already?). The other file transfers work fine.
I made backup on external USB disk and am waiting for finishing the one on WD MyBook Live. Of course only when randomly connected to the home WiFi. So far 26 more Gb from 113 Gb in total to go. Evidently this is useless - but just an experiment how long a backup can take without any complains from the MacOS and from the MyBookLive.
Connection by cable did not change the speed of the back up. So this is not something limited by WiFi.
Should be incompatibility between the recent WD MyBookLive firmware (MyBookLive 02.11.09-053, though somewhere in here people were discussing …060 - not on the web page though).