Can't really help you with your specific problem, but I also recently bought the 250G Maxtor and love the drive. I used it to back up all my PC files when I recently made the switch to Mac, and have since imported most of them to the new Powerbook (Mac recognized and read the Windows formatted drive no problem).
Tonight I finished this process and reformatted the drive for Mac OS - then I installed the Retrospect Software, and found it to be very badly organized and fairly complicated, plus my 'one touch' button didnt seem to do anything at all, so I went ahead and just dragged files over to the Maxtor which seemed so much easier.
I think it is the most pointless application I have seen in a while, but that's just me.......
Good luck with your problem