Thanks much for the clarification :-)
TrueCrypt is nice, but I am really looking for a hardware accelerated solution. I'll keep poking at it for a bit and will post an update if I have any interesting findings.
Word of warning: Many vendors still mistakenly package cleartext keys with their devices, and just because the key is in the firmware, or on a chip, does not mean that the key is unreadable. Last I checked, it takes about 10k USD of hardware (which many hardware hackers have lying around) to decap and probe a chip to pull off keys hidden in hardware. Of the devices I have audited professionally, I was always able to pull the keys out via software (no fancy hardware required). The proper way to do things is to take a hash of the user's pass phrase, and set that hash as the key, also make sure it gets wiped immediately when the device is unplugged (which could very well be how things are done with this particular device).
Even if there are weaknesses in the implementation (not saying that there are), and even if I can't get the password locking working in Linux, this was still a good purchase. Thanks again.