Jung,
For some this was cleared up with a simple reboot. For others it was not.
*Cold Reboot the Hard Disk*
First, unmount the drive from the desktop.
Power it down.
Unplug it from the wall socket.
Disconnect it from the computer.
Wait 10 seconds.
Plug it back in to the wall socket.
Connect it back into the computer.
Power it back up.
When it reappears on the desktop try backing up again.
This simple step has worked for some in this situation.
Unfortunately, I do not yet have a definitive an answer to the "Read Only" issue. This is an error message that has been appearing for many years, long before Time Machine and the Time Capsule were released.
If it helps, all of this began yesterday, when I brought home my new Macbook Air from the office and thought it would be worthwhile to back it up to the capsule. That backup worked fine. Then this morning, I started having the same problem as everyone else here - the endless preparing to back up - and the message I got when I clicked the info button in the preferences window was "Time Machine Error. The backup volume is read only." Please note - I've since deleted the Macbook sparsebundle, but am loathe to delete my desktop's... no change.
This is why I'm convinced that users who experience this error are not necessarily experiencing actual disk errors with their Time Machine drive. You say you get the error when attempting to backup one Mac, but NOT the other Mac. That doesn't make any sense if the drive was corrupted - then
ALL of your Macs would fail to backup.
That's why I'm investigating the possibility that it might be a certain .plist file that has become corrupt. It's an issue I am still doing research on. I wish I could get my hands on one of these drives, but alas, I have not yet experienced the "Ready Only" error.
I hope this clarifies things for you.
Cheers!