Ok heres what I've noticed guys and most of it can be usefull.
1. USB port on the AVR is definitely useful for playing serveral formats of audio including FLACS(Which is my primary audio format.)

hyeah:
2. @ Hemachandran: I use a very old Freeagent 500GB Ext HDD to play 3d movies by using my Samsung plasma to directly process and play the file..ofcourse most fomats are compatible...including 3D.. applying the same to the WD TV, if it can be connected using a HDMI 1.4 (a especially) and if its able to play 4k resolution or High res content..I feel it will be able to play the 3D content.. Because in the end the WD live does support loads of file formats... (Lets hope am true here

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