The latest WD SmartWare 220.127.116.11 and Passport SE firmware update have tested well. I did have a moment where I thought the memory leak that exists in the previous version was still there, but later analysis revealed that it appears to be fixed. Their revision history lists this as a fix.
Kudos to Western Digital. Few hardware companies seem to care much about the software side of things. Thank goodness they do. Yet another reason I prefer Western Digital over Seagate (the other being the huge noise difference in their drives, with WD's being much quieter).