Another thing I noticed is when I click the info on the volume, it listed the number of partition as 3 and not 1.
Ah, that's likely the problem. There's (probably corrupt) partition information from previous attempts that Disk Utility isn't seeing. After you set it up with "one partition", the Mac must be seeing those bad ones first upon remounting and then assuming something's wrong with the drive.
If you have a Windows computer handy, connect the drive to Windows and turn the FireWire drive on. I only know how to do this in XP. Right click on the Task Bar and choose Properties. Click the Start Menu tab and then the Customize button. Turn on the check box for "Display Administrative Tools". Click OK. Click OK again to close the Properties box.
Click Start > Programs > Administrative Tools > Computer Management. Click on Disk Management in the left pane. Expand the box as much as necessary to see all of your mounted drives and partitions in the lower right pane. If the FireWire drive shows three partitions, then this is a piece of cake. The Mac partition you just created will show up as an Unknown Partition. Actually, they probably all will. Anyway, right click on each one and choose Delete Partition from the contextual menu that drops down. You'll now have a blank drive you can bring back to the Mac. Follow the directions above again to create a single Mac partition.
The reason I suggest this route is since Disk Utility isn't seeing the other two partitions, the only way I know of to get rid of them in OS X would be to do a zero erase of the drive. That can take a
very long time. Using XP to remove the two extra partitions will be much faster, if it can see them.