The drive has one light to indicate access. The LED lights up a nice bright blue and flickers whenever there is transfer.
As soon as you plug the drive in, the FV Utility starts automatically.
When the program starts, you are given the option to format, partition or make the drive bootable. The password option is not available until you create a second partition.
If you want to have most of the drive password protected, move the slider until most of the disk space is in the security disk parition. You will have to remove the drive and re-insert it to have the necessary changes take effect.
When you set the password and re-insert the drive, you will be prompted for the password. If you choose to cancel the prompt, you will have access to your standard disk, but not the security disk.