If this can help, I confirm that I have a LS-CH1.0 LiveStation under firmware 1.02 (the latest I found that installs with a Mac) and I have 2 macbooks (Snow Leopard) backing up wirelessly to Time Machine.
But I must confess that it took me several days, one year ago to discover how to make it work, with almost no help from the tech support who did not know anything about the mac and even less about Time Machine :-(
Now, I just ran in a new problem which doesnt fit in this thread
hth