Ramsey
I think what is being "underestimated" is not the flash drive, but the requirements for better security...ie operating before boot up, managing the keys and access to the network.
SKS already talked about making thumb drives that only work on a particular enterprise's laptops or desktops. It's the TPM and the control of identity that is at issues -- not the hardware, hard drive, flash drive, printer that's encrypting the information. Today Seagate -- tomorrow whatever STORAGE DEVICE that needs key management.
Sans is a problem for Seagate.Wave is once again needing to work with all the players... Wave's problem is getting other people's stuff out there in Quantity -- to work with the TPMs. Right now we are focuses on making encrypted drives (mechnaical work) -- I'm betting that they are also working on getting Storage Devices -- flash drives to work with TPMs.
Ubiquitous and Interoperable is Wave's philosophy.... They knead to work on interoperable and ubiquitous bread... for all of us.