The short answer is, Yes.  After reading comments from others I installed the disks as two standard disks.  FW 1.08 made the difference, but I experienced much frustration prior to that.  I believe it is best to restart each machine, first the D-link and then the Mac, after changes are made on the D-Link.
You will not be able to use the D-link for Time Machine storage without installing hacks to the software.  (It would be fantastic if D-link would implement this capability.)  
Volumes on the D-Link are mounted as SMB file systems and the speed is adequate for my needs.  I now keep my iTunes music on the D-Link but have not tried to listen to songs while working.  To use the system for backups of my OS X files, I have written small, simple shell scripts to copy the desired directories.
I hope this helps.