Two years later and this seems to be the only thing I can find that discusses an issue I am currently having.
Having just run out of photo storage space on my Mac Pro (2008) I replaced a pair of striped 1TB WD Black drives with a single 4TB Red. Understanding this is an NAS drive it is being used exclusively in a data storage rather than operating system environment, and the Mac Pro 2008 is listed as being able to support 4TB storage in each of its four drive bays.
Installation as always was a breeze. After booting up I was presented with an error window that read "The disk you inserted was not readable by this computer" with options to Eject, Ignore or Initialize. I chose the latter as it's common to have to pre-format a new drive. Mac Disk Utility correctly recognized the drive and capacity and formatted it (Mac OS Extended Journaled), the drive immediately mounted with its new name, and I dragged some test files in and out with no issues.
I proceeded to copy almost 2TB of photos from the original drive volume without incident. Once the transfer was complete I was able to access files directly from the drive, and they were immediately recognized by Adobe Lightroom. I worked on some files between Lightroom and Photoshop, saving along the way. And I imported files from another catalogue into Lightroom which again went smoothly.
Booting up today I received the same error window despite the drive working flawlessly yesterday. Only this time it is showing as having 0 Bytes capacity. The Mac Disk Utility > Erase format options are grayed out and inaccessible as are the Partition options. RAID options are still available including ability to format to Mac OS Extended (Journaled) along with the RAID set options. Except the RAID Set estimated size is showing Zero KB. When I drag the WD Red drive into the RAID window the Set size remains at Zero KB. When clicking on the Red drive in the drives pane the Mount and Eject options are both grayed out. I have rebooted a couple of times and have physically removed and reinstalled the drive.
I am running Mac OS X 10.10.4. Where I am most confused is trouble free operation following initial formatting, to the drive not being recognized nor any capacity recorded.