Well, I'm up and running on it at the moment. Although Linksys doesn't support Mac, I was able to chat with one of their live service reps and he sent me a step by step set up list. For some reason, I think that using port #2 was the 'secret' ...
Here's the set up, cut-n-pasted, should anyone care to know:
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1. Check your internet connection first. Connect your computer to the modem directly using Ethernet connection, not USB. If you have internet access proceed to No. 2. If you dont have internet access call your Internet Service Provider.
2. Shut down the computer, and unplug the power cables from the Linksys Router and the Cable modem.
3. Disconnect the Ethernet cable from the computer and plug it into the Internet or WAN port of the Linksys Router.
4. Take the Ethernet cable that came with the router (or any another available cable) and connect it to the computer. Then, take the other end of that same cable and connect it to Port 2 on the back of the router.
5. Plug in the Broadband modem's power cable and wait for all of its lights to stop blinking.
6. After the lights on the Broadband modem stop blinking, plug in the router's power cable.
-The following lights should be lit on the router: Power, Internet or WAN and Port 2
NOTE: Turn off your firewalls and antivirus
7. Check if Computer has a valid IP Address from the Router:
Click on the Apple Menu > System Preferences > Network > Set Show to Built-in Ethernet > Under the TCP/IP tab set Configure to Using DHCP > your IP address should be 192.168.1.xxx
Note: If your IP address is different (169.254.xxx.xxx) HARD RESET the router
1] Press and hold the reset button for 10 seconds
2] Unplug the power keep holding the reset button for another 10 seconds
3] Plug power keep holding the reset button for 10 seconds
4] Release the reset button.
*Check your IP address, refer to No. 7
8. Opening Router Setup Page
Disable Proxy settings
Click on the Apple Menu > System Preferences > Click on the Network > Proxies Tab > Make sure nothing is checked.
Launch your Web Browser.
In the Address Bar, type:
http://192.168.1.1, press Enter/Return. A login screen will appear. Type admin for the password and leave the username blank or empty then hit OK.
Note: If it doesnt take admin as the password you might have changed it when you have ran the RUN ME FIRST CD that came with the router so try other passwords.
9. Setting the Router to PPPoE (Point-to-Point Protocol over Ethernet)
Under the SETUP page:
For WAN/Internet Connection/Configuration Type, click on the drop down arrow then select PPPoE.
Enter the Username and Password that your ISP provided you or the username that you use to sign-on if you are directly connected to the modem.
Example:
Username: 123abc / abc123@verizon.net / 123abc@sbcglobal.net
Password: 123abc
Then Select: Keep alive, redial period 30 sec. Then hit Apply or Save Settings.
10. Checking PPPoE Login status and WAN or Internet IP Address under the Status Tab:
A.) Login: PPPoE status connected - youre all set!
B.) Login: PPPoE authentication failed Either the username or password or both are incorrect.
*Retype youre username and password under the Setup page or call your DSL provider.
C.) Login: Cannot connect to PPPoE server or Cannot get an IP from the server
*Try another cable or make sure that the RJ-45 connectors are connected properly between the Linksys Router and the DSL modem. Then hit Connect under the Status Page.
If still the same, Hard Reset the Linksys Router. Then repeat steps 9 12.
11. Launch your Web Browser and try to open a web site. If you are able to browse a web site CONGRATULATIONS your router is already set! If you want to add another computer, just connect an Ethernet cable to one of the available numbered ports of the router to the computer then restart the computer, for wireless