NAS, but not a NAS

I love my work and some of the stuff that I can buy for much cheapness though our chosen distie.
Take this item for instance. I managed to get this for much cheapness from our distie thinking that I could use it as a cheap NAS rather than shelling out £300 for a Time Capsule from Apple.

Yes, my Mac can see this volume as a network store, but can it see it using Time Machine to do backups? Can it hell.
So I have this nicely packaged up box of tricks that I can't return to the distie as it ain't broken, but I can't use it for it's original purpose - bollocks!