If you look at the massive thread on data loss it's less of a dilemma…
https://discussions.apple.com/thread/5475611?start=0&tstart=0
Many people have lost data, many different disk types, many different Mac types, all of the connection types have been affected.
Some users have been hit right after the Mavericks upgrade, others have been hit weeks after continual use of the disks (some were beta testing 10.9). Some altered the connection order & the data was gone.
Western Digital has a 4 week old thread on the topic.
http://community.wd.com/t5/External-Drives-for-Mac/All-data-gone-on-My-Book-Stud io-II/td-p/602387
The only answer for getting data back has been "buy [insert: disk recovery tool of choice]" or "send to [insert: expensive data recovery specialist]".
If you continue to work on this disk & lose all the data on it how will you feel having known you could prevent it? The evidence is that Mavericks kills external disks.
There is a simple safety net solution for this issue. Boot into another OS & backup the disk to another external drive. Then you can continue to use Mavericks with less worry. Just keep the backup away from Mavericks.
I don't believe you do need the WD SmartWare software to read the disk, but to be honest that point is a little moot if your data disappears from existence because of 10.9.